El Solh to 218News: New exchange rate is a conspiracy against Libya’s economy

The episode of Al-Bilad program on 218News opened Saturday the file of developments in the political track and hopes for forming a unified civilian government, in addition to the controversy surrounding the new exchange rate and the dimensions of this decision, as well as the latest developments in the Coronavirus pandemic around the world.

One civilian government

The member of the High Council of State, Ahmed Langi, said “the clear thing in front of us at the present time is that the role of the House of Representatives and the High Council of State is about to end, and now everyone is playing in extra time.”

He indicated that the focus of the international community and the UN mission at this stage is on the work of the Libyan Political Dialogue Forum of 75 participants and preparing the country for the upcoming elections on 12-24-2021.

He demanded the necessity of changing all those in the current political scene, saying the track of Ghadames is the real one for the attempt to convene the parliament to return to play the legislative and supervisory role that was lost about six years ago.

“This attempt has nothing to do with the work of the 75 LPDF participants. They are just a fait accompli and no other track can compete with them.” He added.

The House of Representatives is now trying to hold a full quorum session in an attempt to change the internal regulations to organize its work, but this does not affect the work of the Libyan Political Dialogue Forum.

Langi hailed the track of Ghadames for the attempt to contribute to creating the conditions for the upcoming democratic challenges.

On the extent of the international community’s interest in achieving a political settlement in Libya and ending the state of conflict, he said: “I am always optimistic, but regional and international countries want a single government that extends its control over all of Libyan soil. These interests are undoubtedly common interests between the two countries. They want one government with which to sign agreements and treaties and a real government that represents the Libyan people. It has a unified military establishment that is subject to this civilian authority.”

He said that at the present time, he is sticking to the LPDF to produce satisfactory results, represented by a single government.

Libyans and the New Exchange Rate

The economist, Dr. Ali El Solh, emphasized that the new exchange rate (4:48) is not in the citizens’ interest.

He added: “If we go back, we will find that the Central Bank’s members confirmed in the past that the new rate was (3:90). Today, what happened in the Libyan economy? This price in the Libyan economy is not balanced. We tried the model for realizing an exchange rate in the Libyan economy, and we also know that the exchange rate is the price in any country.

That is, this rate will affect the prices in the country. Consequently, the imaginary market that occurred previously (6LYD), (7LYD) and then declined until after the price was announced.

Conspiracy against Libyan Economy

El Solh said that the positive thing that happened was that the exchange rate was unified for all purposes, in addition to the meeting of the Central Administration after six years of dispute. This is the council that failed to manage monetary policy in Libya and failed to manage and maintain funds.

He explained: “Usually, exchange rate policies have conditions, which are the independence of the central bank, the announcement of the target and announced price and how to take this action and decision.”

He said that there are some basic commodities that citizens will feel their price increase. These commodities will lead to a future increase in the exchange rate. Thus, after several years, the exchange rate will develop to a new rate, and the central bank justification will be that the new budget determined by the Ministry of Finance is the reason.

El Solh believed that when prices rise, economic growth rises negatively and not positively, adding: “I believe this is a conspiracy against the Libyan economy.”

Coronavirus Vaccine 

the Libyan doctor Salem Al-Hamali confirmed that the studies for all diseases of the same type were devised for treatments. Therefore, he hoped that the vaccine would achieve its purpose, which is known that the Coronavirus pandemic has confused the whole world.

He said: “Today, there are dozens of vaccines, but those who have reached an advanced stage of experiments and obtained approval from the drug control authorities, include the vaccine developed by (Pfizer).

He pointed out that this vaccine reduces the symptoms of the disease effectively up to 95%, and studies have shown that those who received the vaccine had antibodies and at the same time did not develop major complications for them.

Al-Hamali explained that taking the vaccine does not completely substitute for previous preventive standards such as the issue of social distancing and wearing the mask.

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