The U.S. dollar declined on Sunday against the Libyan dinar by LYD 5.15 compared to LYD 5.5 in the past short period, while withdrawal has increased at many Libya’s banks.
Other currencies have also declined against the Libyan currency.
The euro and the pound recorded LYD 5.88 and LYD 6.60 respectively.
Meanwhile, remittances of Dubai/Turkey recorded 5.15 dinars, while the Tunisian dinar equaled LYD 1.78.
In September 2018, head of the government National Accord (GNA) Faiez Sarraj met with the senior official of the High Council of State to adopt a reform program aiming to revive the deteriorating Libyan economy.
The reforms have two main objectives: to reduce the gap between the official and black markets exchange rates and to ensure easier access to foreign currency through the official banking system.
Following the 2011 uprising, the Libyan economy has been suffering from the decrease of oil revenues, the country’s main source of income, due to the closure of oilfields and ports as armed conflicts raged.
As a result of poor economic governance, the Libyan dinar has declined (7 dinars to the US dollar on the black market, compared with the official rate of 1.3 dinars to the dollar). This means Libyans have a persistent, decreasing withdrawal that amounts to LYD 200.
