By Sami Zaptia.
London, 5 January 2021:
The Libyan Business Council (LBC) held a discussion session at its Tripoli headquarters yesterday on the decision by the Central Bank of Libya (CBL) to unify the Libyan dinar (LD) exchange rate.
The discussion, attended by LBC members and economic experts and commentators, revolved around:
- What are the reasons for fixing the LD price at the value of 4.48 per US dollar?
- The negative effects of this decision
- The positive effects of this decision
The LBC reported that the attendees also touched on the economic issue in general and the extent to which the private sector is affected by the current conditions. They concluded that there is an urgent need for the necessity for the exchange rate stabilization to be accompanied by a set of economic reforms aimed at:
- Reviving the economy
- Easing the burden of rising prices off citizens’ shoulders
- Supporting local industries
- Reducing dependence on oil
- Ending the state of mistrust among state institutions
The LBC reported that several recommendations will be issued from the session, which will be published soon. These will be also submitted to the competent institutions, and the LBC vowed to follow them up, and seek their realization.
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