Counterfeit hard cash sweeps in Ghadames city

Counterfeit hard cash sweeps in Ghadames city

February 29, 2016 - 20:11
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Written By: AbdulkaderAssad

Ghadames News newspaper revealed that counterfeit money - notes worth LYD10, which go back to the first print after February revolution, are being circulated in abundance across the city of Ghadames, underscoring that the money came through the desert by smugglers.

“Smugglers took advantage of the lack of liquidity in the city’s banks, though all Libya is suffering from the same predicament, and splashed in Ghadames markets tens of thousands of Libyan dinars.” The newspaper wrote.

It added that a number of locals along with the city’s businessmen and banks have warned the residents of this counterfeit money and have informed the authorities to arrest the smuggling gang.

In the meantime, Libya’s banks are suffering from a crippling lack of liquidity due to the political and economic issues that are taking place in the country, which made the citizens lose trust in banks and keep their hard cash with them, hence causing a severe lack of liquidity and a massive trouble in people’s daily lives.

 
 
 
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