Finance Minister says fixing dollar exchange rate will be done gradually

Finance Minister says fixing dollar exchange rate will be done gradually

August 04, 2018 - 22:40
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Written By: SafaAlharathy

The Minister of Finance of the Presidential Council (PC), Osama Hammad, said that increasing the official exchange rate of the Libyan dinar against the dollar will not begin at 4.5 dinars, but will rise gradually from the current exchange rate of the dollar at the Central bank of Libya which is 1.38 dinars.

In a press interview Friday, Hammad explained that the change in the exchange rate is the most important point among the economic reforms, pointing out that the Chairman of the Presidential Council Fayez Al- Sarraj is supervising these reforms in cooperation with the Central Bank of Libya in Tripoli and the Ministry of Finance.

Hammad added that these reforms have been studied in all aspects, including the proposals and expected future results, even during the implementation process, stressing that the new reforms of the government will have a positive impact on the citizen and will contribute to raising purchasing power and the transfusions of the local currency in the market to the banking system, in addition to the exchange rate adjustment.

The minister stressed in his statement the willingness and consensus on implementing these reforms, noting that the CBL has collaborated extensively with the Ministry of Finance and the Ministry of Planning on this matter, which indicates the seriousness of the situation.

He also pointed out to the substantial cooperation between the Ministries of Finance in the PC Government and the eastern-based Interim Government in Al-Bayda.

Earlier, the Central Bank of Libya denied the issuance of a resolution or even a statement or a letter about the amendment of the dollar exchange rate in the commercial banks, stressing that the letter circulated on social media pages about the adjustment of the exchange rate is false.

The Chairman of the Presidential Council Fayez Al-Sarraj met Wednesday with his deputy Ahmed Maiteeq, Governor of the CBL Saddek Elkaber, and the Minister of Planning Al-Taher Al-Jahimi, where they agreed to put in place the mechanisms for issuing the economic reform decisions within days.

The participants also discussed the operational steps of the economic reform program, which consists of a package of procedures, including dealing with the dinar exchange rate, fuel subsidies, and increasing the annual household allowances for foreign exchange.