Libyan Central Bank Sets New Exchange Rate Against US Dollar

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On Wednesday, the Board of Directors of the Central Bank of Libya (CBL) set an exchange rate for the Libyan dinar against the US dollar.

According to a statement by the CBL, the bank’s board of directors unanimously approved the amendment of the value of the Libyan dinar against the special drawing rights unit (SDR) to reach 0.1555 SDR units per dinar, equivalent to 4.48 dinars to a dollar.

The statement pointed out that the board held its first meeting for the year 2020, to discuss the report submitted by the technical committee charged with studying options for adjusting the Libyan dinar exchange rate.

The statement pointed out that this price will be applied to all governmental, commercial, and personal uses, and will be effective as of 3 January 2021.

The statement confirmed that “a spirit of optimism, positivity, and the interest of the nation prevailed in the work of the meeting.”

It pointed out that the board, “will intensify its meetings during the coming weeks to enable it to take more decisions aimed at solving the problems and obstacles that the banking sector is suffering from, in a manner that achieves the sustainability of financial and monetary integrity, and in a way that contributes to reducing the suffering of the citizen.”