CBL Devalues Libyan Dinar

By John Lee.

The Central Bank of Libya (CBL) has devalued the Libyan dinar.

At its first meeting for 2020, the bank's board of directors unanimously agreed to a new exchange rate of 4.48 dinars to the US dollar.

The new rate will come into effect from 3rd January 2021.

The previous official exchange rate was 1.34 dinars to the dollar, while the black market value has fluctuated close to the new rate.

Many, including the United Nations Support Mission in Libya (UNSMIL), welcomed the decision.

(Source: CBL, Reuters)

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