By Sami Zaptia.
London, 5 February 2018:
The Tripoli-based Central Bank of Libya (CBL) has said that it is following with interest the recent positive results of monetary stability and increased purchasing power of the Libyan dinar, reflected positively in the prices of goods and services.
The CBL was commenting on the fact that the black-market exchange rate for the LD had almost halved from LD 9.70 at the end of last year to LD 5.30 this week against the dollar. This huge gain in the LD value has already reflected positively on prices across various sectors.
The CBL stated that it would continue processing LCs for goods approved by the Ministry of Economy. The approval and processing of LCs has reduced demand for the dollar in the black-market and increased goods in the market imported at the official exchange rate of LD 1.4 per dollar.
It also said that it was putting in place a comprehensive programme for the activation of economic development in coordination with the Presidency Council in order to exit economic austerity. This would be done by providing funds for productive projects and services in housing, electricity, iron and steel, cement, other manufacturing, telecoms and transport in order to improve output, revenues and job creation.
It also pledged to continue the payment of the US$ 500 family allowance.
The CBL also confirmed the news that it was creating a system and processes for the transfer of foreign funds by foreign workers in private and public health, universities and other vital sectors.
It also announced that it would be easing the transfer of foreign currency funds for private citizens for health and education abroad.
Finally, the CBL said that it it would be activating e-payments and guaranteeing the receipt of payments by users, as well as starting the second phase of the implementation of mobile e-payments project to enable e-mobile bank transfers.