Tag Archives | devaluation

Libyan GDP Grew 55% in 2017

According to the WFP's latest Safety Nets Alert Platform (SNAP), the Gross Domestic Product (GDP) in Libya grew up by 55 percent in 2017 from the previous year. The improved performance has been driven by a revival in oil output and a pick-up in global oil prices. Crude Oil Production in Libya decreased slightly to […]

Will Libya Devalue its Dinar?

By Jason Pack for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Libya Business News. Nearly six years after the fall of Col. Moammar Gadhafi in 2011, the tally of political, social and security-related challenges facing Libya is considerable. International efforts to reconcile the deep political […]

Eastern Central Bank wants Dinar Devaluation

By John Lee. Libya Herald reports that the chairman of the Beida-based Central Bank of Libya (CBL), Ali Hibri, has again called for the Libyan dinar to be devalued, and wants to reduce subsidies on goods and energy. The report suggests that, despite the existence of parallel institutions in the East and West of Libya, […]

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 […]

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 […]

Tripoli Bans Imports to Halt Dinar Decline

Libya's Tripoli-basesd government has banned the import of 32 goods for six months, according to a report from Reuters. The ban includes cars, carpets, construction materials such as cement, fruit juices, energy drinks and harissa, a hot pepper paste. But the ban was intended to halt the decline of the dinar,  which is now trading […]

Dinar Headed for Fall?

The collapse in Libya's oil revenues has led to a major depletion of the country's foreign currency reserves, and could lead to a devaluation of the Libyan dinar, according to a report from Libya Herald. Over the past year, the currency has fallen from 1.25 to the dollar to 1.37, but on the black market […]