Libyan dinar gains value against foreign currencies at the black market

Libyan dinar gains value against foreign currencies at the black market

October 29, 2019 - 20:43
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Written By: AbdulkaderAssad

The black market in Libya saw the Libyan dinar gain some good value against foreign currencies as $1 was sold for less than LYD4 then hours later for LYD4.

Observers believe that the reason behind the black market fluctuation is the large amount of money on supply and the weak demand power at the market.

Others think that the dealers of the black market are behind the new rates of the Libyan dinar against foreign currencies, so they can buy large sums at low prices and then up them to sell and make profit.

Social media users circulated Monday that the Central Bank of Libya is preparing to revive the market with billions of dollars put for sale in next December, and to drop fees imposed on purchasing dollars at the banks. The Central Bank denied it.

The head of foreign currency control at the Central Bank Mukhtar Al-Taweel denied the rumors about setting a new exchange rate of LYD2.90 for $1 in next December, accusing those who spread the rumor of trying to create chaos in the country.

Al-Taweel told reporters that selling foreign currencies at the banks is going well and that some black market dealers are trying to spread rumors to make profit.

 

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