Expectations for a drop in dollar to dinar exchange rates by 15%

Expectations for a drop in dollar to dinar exchange rates by 15%

January 07, 2019 - 20:55
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Written By: AbdulkaderAssad

The Chairman of the Libyan Commerce and Industry Chamber Mohammed Al-Raied said the economic reforms aim to end the presence of black market, saying he expects the fees on selling dollars at the banks will drop in six months by 10% to 15%.

Al-Raied told a local Libyan TV channel on Sunday that the most important thing now is for the people to have income that provides for their needs, adding that there should be pressure for altering the prices of fuel by lifting subsidies so the country can collect income through it.

"We should also find ways to save the billions we lose in Libya due to fuel smuggling." He added.

He also said that the government should start paying the families' dollar grants this month and after two months, it should raise the fuel prices, adding that there should also be a raise in employees' salaries.

"The higher the dollar exchange rates go the better local production will be." Al-Raied said in his TV interview.

Economic reforms were approved in the last quarter of the last year by the Presidential Council, Central Bank and the High Council of State.

The reforms kicked off by imposing fees on dollar purchase transactions at the bank by 183% and by the end of the year it helped drop the black market rates of foreign currencies to a difference gap of about 500 dirhams than that of the banks.