Libyan HoR isn’t unanimously OK with taxing foreign currency exchange rates

The House of Representatives (HoR) discussed Monday in a closed session the request of the Governor of the Central Bank of Libya, Al-Siddiq Al-Kabir, to the Speaker, Aqila Saleh, to impose a tax on the official exchange rate by 27%.

The session was chaired by First Deputy Fawzi Al-Nuwairi and Second Deputy Mesbah Douma.

The HoR members agreed in Monday’s session to address the governor regarding consultation with the presidency of the HoR in accordance with the laws in force to fill vacancies in the membership of the Central Bank’s board of directors.

They demanded that a report be submitted on the value of the reserves at the Central Bank of Libya, and a report on the revenues from selling foreign exchange since changing the price.

They agreed on the necessity of sending a copy of the statement of assets and liabilities to the Central Bank, submitting financial and economic reports on the bank’s conditions, and sending the approved financial statements.

The HoR members called for the Planning, Finance and Public Budget Committee to be summoned to the next session to brief the HoR, and agreed to form a technical committee from the heads of the HoR’s “Finance – Economy – and Oversight committees” to monitor the extent of the impact of changing the exchange rate on the citizens’ incomes.


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