Tripoli: A sharp rise in the dollar exchange rate was observed on the parallel currency market in Libya, with the dollar price increasing from 6.9 dinars to 7.33 dinars per dollar within hours. This increase reflects the deepening concerns regarding Libya’s economic situation, which is further complicated by ongoing political divisions.
According to Libyan News Agency, the escalating situation in the parallel market could worsen the country’s economic and living conditions and lead to higher inflation rates. The Central Bank of Libya has announced an official devaluation of the dinar by 13.3%, setting the new rate at 5.5677 dinars per dollar. The bank warned about the persistent issue of double-spending, which exacerbates the gap between supply and demand for foreign currencies and destabilizes the dinar’s exchange rate.