Tripoli: The Central Bank of Libya announced that the value of oil revenues deposited into the bank as of Sunday, January 18, reached $482 million.
According to Libyan News Agency, the Central Bank also announced today an adjustment to the exchange rate of the Libyan dinar against the Special Drawing Rights (SDRs), devaluing it by 14.7%. Each Libyan dinar is now equivalent to 0.1150 SDRs, instead of 0.1348. The bank explained that this decision was based on the recommendations of the Monetary Policy Committee and was approved by the Board of Directors of the Central Bank of Libya in light of the current economic and financial developments affecting the national economy.
The statement indicated that the decision comes in the context of the challenges resulting from the ongoing political division and its negative repercussions on the economic situation, in addition to international economic variables, particularly the decline in oil prices in global markets and the resulting decrease in oil revenues. The Central Bank confirmed that this measure comes in light of the continued absence of a unified national budget, the unsustainable growth of public spending, and the ongoing duplication of expenditures outside of disciplined financial frameworks, without regard for the absorptive and financing capacity of the national economy.
The statement emphasized that this decision was necessitated by the need to maintain financial and monetary stability and ensure the sustainability of public resources, within the framework of a package of measures aimed at strengthening the national economy, reducing economic imbalances, and protecting macroeconomic stability. The Central Bank of Libya affirmed its commitment to continuing to monitor economic developments and to take the necessary policies and measures that serve the interests of the national economy and maintain monetary and financial stability in the country.