CBL Governor unveils measures to support dinar, regulate foreign exchange market, and inject $1.5 billion
via Libya Herald3 min read
Central Bank of Libya Governor Naji Issa announced new economic and monetary measures to support the Libyan dinar and regulate the foreign exchange black market. This plan includes regular foreign currency injections and expanding the sale of US dollars through banks and exchange companies. The CBL aims to reduce the gap between official and black-market rates to 5% and achieve an exchange rate of around 6.90 dinars to the dollar after unifying public spending. The bank will launch a program for restricted deposits, allowing depositors to purchase foreign currency up to 70% of their deposit's value. The plan begins with a $1.5 billion injection, followed by regular monthly injections until the end of the year. Issa urged small traders to avoid the parallel market and noted that financial inclusion efforts have led to electronic transactions exceeding 80% of market transactions. He also highlighted the success of the "Your Salary Instantly" electronic payroll system and revealed that proposals are being studied to improve citizens' living standards, including subsidizing goods or providing direct cash support.
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Libya Herald.
The Committee for the Reconstruction of Benghazi Centre and al-Sabri RBCS, part of the Libya Development and Reconstruction Fund, held multiple meetings in July with international companies regarding the Benghazi redevelopment project. The RBCS met with Turkish company NKY to discuss progress and technical proposals for the Benghazi Waterfront Development Project, focusing on design updates and architectural solutions. Another Turkish company, IRIS, visited project sites to understand the area's character and assess existing buildings for restoration, including historic structures. RBCS Chairman Mohamed Al-Hassadi met with Filippo Colombo, Consul General of Italy in Benghazi, and representatives of Italian company FIMA to discuss the restoration of historic buildings with Italian architectural character, aiming to preserve their identity and rehabilitate them to international standards. The committee also met with British company P+P to discuss the area's master plan, investment opportunities, and potential development sites, focusing on creating an attractive investment environment. Additionally, the RBCS held meetings with Polish company APA and Turkish company On Tasarim to review progress, discuss design updates, and technical modifications for the Benghazi Waterfront Corniche Project, ensuring integrated design solutions and adherence to high technical standards.
The Libyan Business Council LBC will host a presentation on the Pure Core project, which aims to produce activated carbon locally from agricultural resources and waste. The LBC states this initiative aligns with its commitment to sustainable projects that offer positive environmental impact, economic diversification, and local resource utilization. The presentation, scheduled for Thursday, July 16, at the LBC's Tripoli headquarters, is open to members including business owners and companies in the date and palm sectors, various industries, health, water treatment, solar energy, and oil and gas. It will cover the project's concept, technologies, and investment opportunities. The Pure Core project was selected by the Hult Prize platform as one of 80 projects from approximately 18,000 global entrepreneurial submissions. Activated carbon has diverse industrial applications, including water treatment, juice production, and the manufacturing of filters and disinfection products, alongside other industrial, health, and environmental uses.
Khoms Port announced the successful unloading and installation of a new LIEBHERR-LHM550 vertical gantry crane. The 150-ton capacity crane arrived by ship and was met with an official reception. This development is seen as a significant step in the port's growth, enhancing its operational capabilities and representing an investment in its future. The Libyan Ports Company's commitment to modernizing infrastructure, improving handling efficiency, and expediting the movement of ships and goods is reflected in this acquisition. The port anticipates that the crane will contribute to a new era of achievements and strengthen its position as a key port in Libya.