Libyan Member of Parliament, Abdulmonem Al-Arfi, stated that the tax on the US dollar “could decrease to 5% by the end of this year.” He emphasised that such a reduction “must be implemented gradually” to avoid market disruption.
Speaking to local media on Saturday, Al-Arfi described recent actions by the Central Bank of Libya as “well-considered decisions.” These include lifting restrictions, releasing $15 billion, and reopening banking operations and financial transfers.
Al-Arfi also underscored the importance of increasing oil production, noting that “the ongoing events in the Middle East are affecting oil prices, which should be leveraged to strengthen the Libyan economy.” He further highlighted discussions about regulating or limiting trade credits, commenting that “in recent years, the Libyan market has been flooded with non-essential products like bottled water, driving up prices.”
On 6 October, the House of Representatives issued Resolution No. 68 of 2024, lowering the fee imposed on the official exchange rate of foreign currencies to 20%, down from 27%. This decision amends a resolution from March 2024 and will remain in effect until the end of the year.
Previously, on 1 August, the government published Resolution No. 15 of 2024 in the official gazette, imposing a tax on dollar sales. However, three court rulings have since suspended the enforcement of this tax.
Additionally, on 10 October, the Presidential Council sent a joint letter to the House of Representatives and the Central Bank, urging compliance with judicial rulings that halted the imposition of foreign currency sales taxes.
