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Libyan dinar expected to reach 7.90 per dollar by mid-April, Central Bank of Libya reports
via Libya Herald8 min read
The Central Bank of Libya CBL continues its efforts to reduce the black-market exchange rate of the Libyan dinar against major currencies, particularly the US dollar. The CBL has been providing daily briefings to media outlets, indicating continued sales of hard currency allocations for personal use and letters of credit. Sales over the past two days reached US$780 million for personal purposes and US$800 million for letters of credit and remittances. The CBL is also preparing to begin cash sales of foreign currency and will authorize foreign exchange bureaux to broker these sales for personal purposes. The CBL's Board of Directors is expected to approve the mechanism for selling dollars in cash through exchange companies, offices, and commercial banks, with sales anticipated to resume early next week. The CBL projects the dinar's value to decrease to 7.90 dinars per dollar before mid-April. This initiative is part of a strategy to regulate the exchange market and reduce speculation between the official and parallel market rates. The dinar closed at approximately LD 8.75 per dollar yesterday and was trading at LD 8.84 per US dollar today, an improvement from LD 10.50 in March. The CBL's frequent briefings are seen as a psychological tactic to deter black-market traders from buying dollars at high prices, aiming to strengthen the dinar's value by signaling an increased supply of dollars in the market. The CBL faces a persistent over-demand for the dollar in the black market, a
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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.