The head of the Economy Committee in the House of Representatives stated that the proposed production and consumption tax, ranging between 2% and 35%, came with direct support from the Central Bank of Libya and the Ministry of Economy. He confirmed that its goal is to address market distortions and protect the dinar without resorting to imposing a direct tax on the dollar.
He explained that those he described as “traders of fictitious credits” launched a fierce campaign against him and his family, fearing the loss of their massive profits. He pointed out that some of them achieved gains reaching 5 billion dollars without importing any goods during 2025.
He affirmed that the proposed tax targets luxury goods such as luxury cars, fireworks, and chocolate, while basic goods and medicines are completely exempt. He considered this direction to be in the interest of the citizen and strengthens the dinar.
He added that the Central Bank’s success in defending the new exchange rate would lead to narrowing the gap with the parallel market and possibly its disappearance, which would limit speculation. In case of failure, however, the results would be reversed with a widening gap and increased activity in the parallel market.
He explained that the genuine trader would benefit from the new price by buying the dollar at 6.70 dinars, while the fictitious trader would find himself forced to pay a higher price reaching 7.70 dinars, which is higher than the exchange office price of 7.50 dinars, meaning he would not achieve any gains.
He also indicated that the Council’s presidency has not yet signed the decision due to the media campaign against it, confirming that basic goods will not be touched. He expects a new session to be held within two weeks after Monday’s meeting was unable to convene due to bad weather conditions.
