UNSMIL applauds unifying exchange rate of Libyan dinar

UNSMIL applauds unifying exchange rate of Libyan dinar

December 16, 2020 - 21:44
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Written By: AbdulkaderAssad

The United Nations Support Mission in Libya (UNSMIL) has applauded the Board of Directors of the Central Bank of Libya for the taken in Wednesday morning’s long-awaited meeting to unify the exchange rate of the Libyan dinar.

UNSMIL said in a statement that this CBL decision is an important and much needed step towards alleviating the suffering of the Libyan people and a good sign that this vital sovereign institution is moving towards unification.

The Acting Special Representative of the Secretary-General Stephanie Williams stressed that “Now is the moment for all Libyans — particularly the country’s political actors — to demonstrate similar courage, determination and leadership to put aside their personal interests and overcome their differences for the sake of the Libyan people in order to restore the country’s sovereignty and the democratic legitimacy of its institutions.”

Meanwhile, the board of directors of the Central Bank of Libya approved Wednesday the recommendations of the technical committee and endorsed the new exchange rate of the Libyan dinar (LYD) to US dollar (USD) to become 4.48 per 1USD starting January 03, 2021.

The decision was made in a meeting for the board of the Libyan Central Bank in which discussions centered on the recommendations of the technical committee, deciding to have the new fixed rate for all governmental, commercial, and personal uses.

The Central Bank of Libya also said in a statement after the endorsement of the new exchange rate that there will be more meetings in the coming weeks to resolve banking sector problems to achieve fiscal and financial stability that alleviates the suffering of the Libyan people.