Tag Archives | devaluation

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 […]

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 […]