Libya's parallel Central Bank welcomes fees on foreign currency transactions 

Libya's parallel Central Bank welcomes fees on foreign currency transactions 

September 20, 2018 - 21:25
Posted in:
Written By: AbdulkaderAssad

Controversially enough, the parallel Al-Bayda-based Central Bank of Libya (CBL) has welcomed the Tripoli-based CBL decision to impose 183% fees on foreign currency transactions.

In a statement Tuesday, the parallel CBL hailed the Presidential Council's role in finding a solution to the exchange rate's issue. 

"This new rate should be regulated and practical via pumping enough money into the market always in the right time," the statement added. 

It also said the CBL should avoid having two official rates, except for the families dollar allocations, so that the black market can be avoided and thus becomes less influential on the inflation rates. 

"Spending should not be increased to keep the balance of the currency." It remarked.

It reiterated the need to unify the CBL to take up its responsibilities and face the current fiscal and economic challenges. 

The Presidential Council (PC) issued a statement Wednesday imposing 183% fees on the foreign currency transactions at the banks.

This led to the US dollar losing some value in the nalco market, before regaining some more value again in the afternoon as clashes intensified in Tripoli.