Libya's Central Bank supplies over $1.2 billion in foreign currency to boost liquidity

A senior official at the Central Bank of Libya CBL announced the successful supply of over 1.2 billion US dollars and euros in foreign currency. This initiative is part of the CBL's ongoing strategy to enhance foreign currency liquidity, meet local market demands, and ensure the stability of the foreign currency supply for commercial banks. The CBL aims to contribute to exchange rate stability and address the increasing demand for hard currency. The official stated that the CBL continues its technical and banking duties despite what were described as "repeated attempts to disrupt the work of the current administration," including rumors about Governor Naji Issa's resignation. The CBL maintains that Governor Issa's administration retains the confidence of financial institutions and international partners, facilitating cooperation with correspondent banks and successful foreign currency import operations. The bank's ability to bring in large amounts of foreign currency reflects its efficient reserve management and commitment to financial operations. The CBL plans to continue implementing programs to strengthen monetary stability and maintain confidence in its performance. However, despite various policies, the black-market exchange rate of the Libyan dinar has remained above LD 8 per dollar, trading at LD 8.53 per dollar, and a cash shortage persists in Libya.