Libya's Presidential Council urges Central Bank to resume foreign currency transactions

Libya's Presidential Council urges Central Bank to resume foreign currency transactions

March 15, 2020 - 20:14
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Written By: AbdulkaderAssad

The Libyan Presidential Council has called on the Central Bank of Libya (CBL) to resume selling foreign currencies for trade and personal reasons at the fee-added rates - 163%.

This decision was made on Sunday as a response to the CBL's request to increase the fees imposed on the foreign currency transactions.

The Head of the Presidential Council Fayez Al-Sarraj told the Governor of the CBL Al-Siddiq Al-Kabir in a letter to facilitate the transactions for trade and industry firms in order for them to import the goods and commodities needed on the markets.

The Presidential Council cited the shortages on the markets as well as the hike in prices and the exchange rates of foreign currencies on the black market due to the halt of foreign currency transactions by the CBL without consulting the Presidential Council, according to the letter.

Over the last week, dollar to Libyan dinar as well as other foreign currencies to the dinar hit new highs as $1 reached LYD5 on the black market due to the CBL's halt of foreign currency transactions, citing the need to up the fees amid the oil blockade that had been in place since last January.

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