Libya's HCS member says PC to impose fees on foreign currency purchase, change fuel prices

Libya's HCS member says PC to impose fees on foreign currency purchase, change fuel prices

August 18, 2018 - 22:32
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Written By: AbdulkaderAssad

The member of the High Council of State (HCS) Idriss Bufayed said the Presidential Council (PC) will impose fees on foreign currency purchase transactions and change - gradually - fuel prices in the country.

"200% fees will be imposed on foreign currency so all Libyans - individuals or companies - can buy the US dollar for 4.20 Libyan dinars, while it remains about 1.40 for students abroad, family allocations and medical treatment overseas." He further explained.

On Facebook, Bufayed added that fuel prices will gradually change marking 300 dirhams per liter until the prices is fixed into a new rate after Libyans receive their cash subsidies.

"Fees of the foreign currency transactions will go to the treasury department. Some will cover public debt and family dollar allocations." He explained.

He also said the exchange rate of foreign currency in the black market would drop after the decision is materialized, not to mention the availability of cash in the banks.

"A meeting last Wednesday for the Heads of HCS and PC with the governor of the Central Bank of Libya resulted in an agreement on those reforms." He further added.