Libya's Cash Crisis Deepens

Libya's Cash Crisis Deepens

June 29, 2016 - 18:07
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Libyans’ suffering continues as they continue to stand in long queues at the banks’ doors due to the never-ending cash crisis, which crippled the banking system and made the living conditions of people worse than ever. 

With such suffering and with people hoping that the crisis comes to an end as it has been worsening since the start of this year, especially that the government printed massive sums of the Libyan dinar, the Central Bank of Libya announced in a statement that the cash crisis cannot be solved by printing new banknotes but by eradicating the essential reasons for the crisis, which are the political fragmentation, stoppage of oil production, and lack of security.