Tetteh: The value of the Libyan dinar has deteriorated. The UN envoy to Libya, Hannah Tetteh, reported a significant decline in the value of the Libyan dinar in recent times and highlighted the absence of a unified budget, which is exerting considerable pressure on the Central Bank of Libya.
According to Libyan News Agency, during her regular briefing to the UN Security Council on Tuesday, Tetteh emphasized that the ongoing lack of consensus on the budget, coupled with persistent divisions, poses a threat to the already fragile security landscape in Libya.
Tetteh further elaborated that if the House of Representatives decides to approve the 69 billion dinar Development Fund budget, it could undermine the Central Bank of Libya’s efforts to stabilize the exchange rate and manage inflation. This decision could also strain the nation’s financial reserves, exacerbating the economic challenges facing the country.