Tripoli: The Prime Minister of the Government of National Unity, Abdul Hamid Dbaiba, emphasized the necessity of establishing a unified monetary policy to regulate the foreign exchange market in Libya. He stated that granting licenses to official exchange companies is a crucial step in this process, as it ensures that foreign currency transactions occur through legal and secure channels under the Central Bank of Libya’s supervision. This initiative aims to support the national economy by providing fair access to foreign currencies for all economic entities, from small enterprises to large corporations.
According to Libyan News Agency, Dbaiba expressed concerns about the parallel foreign exchange market, highlighting its detrimental effects on the national economy and citizens’ purchasing power. He noted that this illegal market is sometimes a conduit for money laundering activities, posing a threat to the financial system. Dbaiba stressed that security measures alone are insufficient to tackle this issue, advocating for comprehensive reform based on legal, transparent, and equitable principles to restore order in the foreign exchange market.
Dbaiba pointed out that the disorganized state of the parallel market stems from the lack of unified economic policies and the Libyan economy’s vulnerability to significant disruptions. These include the oil shutdown, parallel spending, and currency printing outside official frameworks, which have eroded trust between the state and its citizens. The conflicts between different governments and the Central Bank of Libya have exacerbated these issues, leading to the suspension of credits and arbitrary changes in currency selling policies that have forced citizens to rely on the parallel market.
He concluded by underscoring the importance of creating a unified, transparent, and stable exchange rate system. Such a system, he argued, would be essential in eradicating the parallel market and restoring confidence in Libya’s monetary policy, thereby avoiding unilateral actions that could worsen the crisis.