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Libya’s Central Bank starts selling dollars with new exchange rate

The Governor of the Central Bank of Libya (CBL) Al-Siddiq Al-Kabir has announced starting selling US Dollar for all purposes with the new exchange range of 4.48 Libyan dinars.

In a letter to the Presidential Council on Sunday, the CBL Governor said the board of directors’ resolution of changing the dinar-to-dollar exchange rate into 4.48 dinars per 1 dollar would take effect on (January 03, 2021) after the Presidential Council had issued a decision pausing the added fees on dollar transactions that were approved in 2018.

The Presidential Council issued Sunday morning a statement instructing for suspending the 2018 decision of added fees on dollar purchase transactions at the banks for three months, saying the period could be extended.

The 2018 decision was to add 180% on foreign currency purchases, and then in 2019, the added fees were fixed at 163%, as part of the Presidential Council’s economic reform plan.

Meanwhile, the agreement on altering the exchange rate to 4.48 came after the CBL board of directors held joint meetings for the first time in six years, thus resulting in the upgraded exchange rate to be unified for all purposes.

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