The Libyan dinar witnessed on Saturday another decline in its value on the black market against the US dollar, recording LYD 4.34 per dollar, but remained stable against euro at LYD 4.95.
The decline of the black-market value of the Libyan dinar comes despite the start of economic reforms introduced in September 2018 by the internationally-recognized Presidency Council of the Government of National Accord. The decline in the Libyan currency’s value, however, did not affect the price of 18k gold, which remains at LYD 130 per gramon Saturday.
Libya’s internationally recognized government imposed last year a fee of 183 percent on any hard currency transactions, effectively devaluing the Libyan dinar to bridge the gap to the dominating black market.
Since the decision, the US dollar has been falling in the black market as cash in the bank has been increasingly available and as dollar transaction directly from the banks have been on the rise.
Over the last three years, the Libyan dinar has experienced a constant devaluation against foreign currencies with the dollar being exchanged at times for LYD 10.
