US dollar, euro experience dramatic drop against Libyan dinar

US dollar, euro experience dramatic drop against Libyan dinar

January 17, 2018 - 20:05
Posted in:
Written By: AbdulkaderAssad

Fluctuations in the foreign currency exchange rates characterized the Libyan black market over the last 24 hours as the US dollar hit a new low that has not been reached for the last three months at least.

One US dollar was exchanged for 6.5 Libyan dinars on Wednesday at the black market, while on Tuesday it was between 7.30 and 7.75 and on Monday it reached even 7.17 at times.

This morning, though, some reports from the black market registered a fall for the dollar down to 5.80 Libyan dinars, but later it reached up to 6.30 and 6.50 Libyan dinars.

According to banking experts, the ups and downs came as the Central Bank of Libya announced continuation of selling family members $400 per person and the new year's promotion of that policy to $500 per person.

In addition, the Ministry of Economy approved importation of different goods - not only foods - so the businesspersons would not have to buy dollars from the black market as they wait their letters of credit get approved.

In the last period, the US dollar settled at above 9 dinars as the Libyan currency was devalued by 50% in the black market in 2016, knowing that in March the same year the dollar was at 3.6 dinars.

The CBL exchange rates remain as low as 1.4 dinars per one dollar.