CBL Governor unveils measures to support dinar, regulate foreign exchange market, and inject $1.5 billion

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.