2020 was not an easy year for the Libyan economy, and this was directly reflected in the dinar and its purchasing power, which caused a deterioration in the daily lives of people.
Instability became evident in the bulletin of the Ministry of Economy and Industry in the Government of National Accord, which said that prices rose after a study it conducted on 73 commodities, to reach 52%, while commodity prices decreased by 45%, so that the share of stability reached more than 2%.
The shy state of stability reflects the extent of the chaos in the Libyan market and the lack of control of the Ministry as well as the supervisory authorities over the local market.
Observers believe that the difference between low and high prices affects on a daily basis the shape of the Libyan economy and that the rate of decline does not mean the quality of local commercial life as much as it reflects market fluctuations.
The Ministry of Economy attributed the reasons for the high prices of some commodities to a number of reasons, most notably the Central Bank of Libya halting the system of letters of credit last April, as well as the closure of some commodity-exporting countries to the Libyan market, coinciding with the spread of the Coronavirus.
In the meantime, the Ministry of Economy set the prices of 16 basic commodities in the local market last April, while the relevant authorities failed to implement their monitoring, indicating the inability of state institutions to extend their control over trade, which explains the high rate of increase that exceeded 50%.
