Economic expert Mukhtar Al-Jadid expects the exchange rate of the US dollar in the parallel market to decline in the coming weeks, stabilizing at a level of 8 dinars, with the possibility of this stability continuing at least until the middle of the current year.
He stated in a post on his Facebook account that these expectations are based on a series of measures the Central Bank of Libya intends to implement, foremost among them supplying physical US dollar cash, regulating the work of exchange companies, alongside government promises to control public spending.
He pointed out that these steps, despite their importance, remain insufficient to achieve real stability in the exchange market.
He considered it unacceptable for the large gap between the official dollar rate of approximately 6.40 dinars and its price in the parallel market, which is approaching 8 dinars, to persist, with a profit margin of no less than one and a half dinars per dollar.
He confirmed that this price difference is a tempting factor for the continuation of what he described as corruption in credits, calling on the Central Bank of Libya to intervene to bridge the gap between the two prices.
The economic expert suggested imposing a fixed additional tax on the exchange rate as one of the possible solutions to limit price disparities, which would contribute to reducing speculation and achieving greater monetary stability.
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 became the world’s primary reserve currency following 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 in Libya’s recent history, with parallel institutions emerging in the east and west during the post-2011 civil conflict.
Libya
Libya is a North African country with a rich history rooted in ancient civilizations like the Phoenicians and Romans, followed by centuries of Arab and Ottoman influence. In the modern era, it was an Italian colony before gaining independence in 1951, later becoming known for Muammar Gaddafi’s lengthy rule from 1969 until the 2011 revolution. Its cultural sites include the well-preserved Roman ruins of Leptis Magna, a UNESCO World Heritage site.
Facebook
Facebook is an online social media and social networking service founded in 2004 by Mark Zuckerberg and his Harvard University roommates. It began as a campus directory before expanding globally, fundamentally changing how people connect and share information online. The platform has since grown into a major technology corporation, Meta Platforms, Inc., and a dominant force in digital communication and advertising.
