Participants attend a workshop to introduce the economic and financial reform program in Tripoli, Libya on March 17, 2018. The Central Bank of Libya is studying adjusting the local dinar's exchange rate after the rise of foreign currency exchange rate in the parallel market, a Bank official said on Saturday. (Xinhua/Hamza Turkia)
TRIPOLI, March 17 (Xinhua) -- The Central Bank of Libya is studying adjusting the local dinar's exchange rate after the rise of foreign currency exchange rate in the parallel market, a Bank official said on Saturday.
"We have reached important results formulated as proposals to address the financial and economic situation, most importantly adjusting the dinar exchange rate to be close to the parallel rate (against foreign currencies)," Fat'hi Ya'qoob, secretary of the Board of Directors of the Central Bank of Libya, told Xinhua on the sidelines of a workshop in the capital Tripoli to introduce the economic and financial reform program.
"Several scenarios have been proposed to adjust the exchange rate," he said. "The best scenario will be chosen in a timely manner."
He also stressed the importance of commitment of official parties to their responsibilities to "avoid negative effects on the national economy."
The price of 1 U.S. dollar in the black market reached almost 10 Libyan dinars, while the official price is still less than 1.5 dinars only.
Businessmen and financial experts in Libya call for adjustment of the official dinar exchange rate against foreign currencies rate to 4 dinars to 1 dollar to create a balance with the parallel market.
Libya also suffers a political division with authorities in the east and the west of the country, including the central bank.
