Libya Faces “Biggest Devaluation Since 2002”

Bloomberg reports that Libyan authorities are considering the largest currency devaluation in more than a decade.

in an attempt to repair finances battered by conflict and the plunge in crude prices.

Ali Jihani, a senior official with the Central Bank of Libya (CBL) based in eastern Libya, told the news agency that the dinar may be devalued by more than 50 percent, to between 2.2 and 2.3 to the dollar, as the country attempts to raising funds through domestic bond sales.

He said the timing of the move, which would narrow the gap with the black market exchange rate of about 4 dinars per dollar, hasn’t been decided.

(Source: Bloomberg)

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