The Central Bank forms a committee to monitor the demand for hard currency

The Governor of the Central Bank of Libya has instructed forming a committee to study the demand for foreign exchange, after receiving a memorandum from his deputy, Marai Al-Barassi.

The committee which will be headed by the Director of the Banking and Monetary Control Department, Naji Issa, will follow up on the demand for foreign exchange from documentary credits, personal items cards, and requests from public entities, and compare them to the available revenues, with the aim of achieving a balance in the payments budget at the end of the year.

The committee is also charged with approving banks’ requests regarding foreign exchange in accordance with the controls established in the Central Bank’s publications.

This comes following the Central Bank’s announcement last January that foreign exchange uses during the year 2023 reached $35.3 billion, while revenues reached 25.4 billion dinars, recording a deficit of $9.9 billion.

The Central Bank announced the opening of the system for selling foreign exchange for commercial and personal purposes at the beginning of February, after stopping it for months, causing a relative collapse in the value of the Libyan dinar against hard currencies.


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