Central Bank of Libya continues efforts to strengthen the dinar, injects $1.5 billion and targets LD 6.90 to the dollar

The Central Bank of Libya CBL is actively working to increase the value of the Libyan dinar against the dollar, with the currency gaining value on the black market. The CBL announced the arrival of a nearly one billion dollar shipment and warned currency hoarders that their dollars would soon lose value as the official market would be flooded with liquidity. The CBL plans to inject $1.5 billion for personal purposes, including medical treatment, and expects to increase the allocation for personal purposes to $4,000. This initiative aims to compensate for supply shortages and meet citizens' needs for goods and services. The CBL anticipates receiving $3 billion in actual revenues for April, with a short-term plan to gradually raise the dinar's value to LD 6.90 per dollar. The CBL Board of Directors also approved decisions concerning the exchange rate, liquidity management, cash dollar sales, and the supply of new quantities of foreign currency and Libyan dinars, expecting these to strengthen the dinar in the coming weeks due to rising oil prices, improved revenues, and consolidated public spending.