A new bill on the management of fees collected from purchasing and selling foreign exchange in the country has been drafted, member of Libya’s House of Representatives Abdul Salam Nosieh said Saturday.
He added the draft law is ready for discussion and will be submitted to the House of Representatives in its next session.
Nosieh, who has already released a copy from the draft law on his Facebook page, said he wishes all Libyans would read the draft law and make comments on it to ensure it would come out in full adherence to the constitution and law. He noted it could be redrafted if necessary.
The Central Bank of Libya has sought to limit access to hard currency to stem a fall of the dinar since the toppling of Muammar Qaddafi in 2011, when Libya spiraled into turmoil and economic troubles.
In September, Libya’s Government of National Accord imposed a fee of 183 percent on foreign currency transactions, effectively devaluing the Libyan dinar to bridge the gap to the dominating informal market amid a group of economic reform measures. The move devalued the official rate of the dinar to the dollar for such deals, recording LYD 3.90 from around LYD 1.4.
