Delivery of New Bank Notes stokes Inflation Fears

By John Lee.

Libya Herald reports that 400-million dinars worth of new bank notes have been delivered to the Central Bank of Libya (CBL), and another 600-million dinars is due to arrive in Tripoli within the next couple of weeks.

The notes were reportedly made by a UK company, and their arrival is stoking fears of inflataion and further falls in the value of the dinar.

According to the report, the dinar fell to 5.25 to the dollar on the Tripoli black market, while in Benghazi it was trading at 5.20 to the dollar, and in Tobruk at 2.40.

Despite the continuing liquidity crisis throughout the country, businesses in many areas are said to be refusing to accept LD50 notes recently printed in Russia and delivered to the Tobruk administration.

(Source: Libya Herald)

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