The Central Bank of Libya has announced its plans to support commercial banks with 9 billion dinars to expand their banking services. The announcement was made during a meeting of the committee formed to complete the procedures for unifying the bank, in the presence of Governor Al-Siddiq Al-Kabir and his deputy Marai Al-Barasi.
The Central Bank explained that the expansion of services includes selling foreign currencies and taking measures to support the stability of the exchange rate and limit its rise in the black market. The committee also decided to withdraw some old banknotes, including the 50 dinar note.
According to the Central Bank, the committee discussed procedures to support unification efforts and agreed on a single organizational structure and one director to manage banking and monetary supervision in order to enhance the unification project.
The dinar witnessed a noticeable decline last week, as its exchange rate against the dollar exceeded 5.6 for the first time in years. The Central Bank’s move is expected to help stabilize the currency and boost investor confidence in Libya’s economy.
This development comes at a crucial time for Libya, as it seeks to rebuild its economy after years of conflict and political instability. The Central Bank’s efforts to unify commercial banks and streamline monetary policy are an important step towards achieving this goal.
