Central Bank of Libya Governor, Naji Issa, has pledged to use all available resources to maintain the stability of foreign exchange rates, stressing that speculation against the Libyan dinar is equivalent to working against the country itself.
In remarks delivered during a meeting with representatives of licensed exchange companies, and reported by the Libyan News Agency (LANA), Issa said: “I hold this responsibility as a trust, and I work around the clock under these difficult conditions. If I succeed, it is by the will of God; if we fail, this remains our homeland and we will continue to serve it.”
Issa criticised those who engage in speculative practices, arguing that their actions are designed to undermine the central bank’s role and harm Libya’s economic stability. “Those who speculate on the dollar are, in reality, fighting their own people. We promised to dismantle the parallel market, and I stand by my commitment — we will topple the dollar,” he declared.
As part of efforts to regulate the sector, the Central Bank has recently authorised more than 400 new licensed exchange offices across the country. These outlets are required to operate under strict oversight from inspection teams, selling foreign currency at a 7% profit margin above the official exchange rate. The move is intended to weaken the black market, restore balance to the currency market, and ensure fair access for citizens.
The governor underlined that the Central Bank’s strategy hinges on transparent regulation and accountability, with measures designed to shield Libya’s financial system from volatility. Economists say the bank’s policy could help narrow the gap between the official rate and the black market, though they warn that sustained enforcement and public trust will be key to long-term success.
