Tripoli – The exchange rate for the US dollar on the parallel market saw a slight decline this Sunday to 8.70 dinars, after having reached 8.75 dinars earlier in trading. This follows the announcement by the Central Bank of Libya that it has begun selling one billion dollars to cover documentary credits.
This decline is part of the Central Bank’s policy aimed at increasing the supply of foreign currency and alleviating pressure on the parallel market. There are expectations that the continued injection of hard currency may contribute to further relative stability in the coming period.
Tripoli
Tripoli is the capital and largest city of Libya, with a history dating back to the 7th century BC when it was founded by the Phoenicians. It later became a significant part of the Roman Empire, the Ottoman Empire, and an Italian colony, which is reflected in its diverse architecture, such as the historic Medina and Red Castle.
US dollar
The US dollar is the official currency of the United States, established by the Coinage Act of 1792. It evolved from a system based on Spanish milled dollars and has become the world’s primary reserve currency since the Bretton Woods Agreement in 1944.
Central Bank of Libya
The Central Bank of Libya is the country’s primary monetary authority, established in 1956 to issue currency and manage monetary policy. It has played a critical and often divisive role during Libya’s recent conflicts, with parallel institutions emerging in the east and west reflecting the nation’s political split.
