The newspaper Al-Iqtisadiya reported on a circular issued by the Central Bank of Libya addressed to banks, confirming that the approved exchange rate for the Libyan dinar is the rate set by the Board of Directors’ decision, amounting to approximately 6.36 dinars.
The circular clarified that the foreign currency fee is not applied to requests submitted through the dedicated coverage request system for this purpose.
Exchange Rate Adjustment
The Central Bank of Libya had recently announced a devaluation of the dinar by 14.7% against the Special Drawing Rights (SDR) unit, bringing its value to 0.1150 SDR instead of 0.1348. This resulted in the new official rate stabilizing at approximately 6.40 dinars per US dollar.
This adjustment came as part of steps to recalibrate monetary policy and bring the official rate closer to market levels.
Exclusive.. The "Central Bank" issues its instructions to banks that the prevailing exchange rate for the dinar is the rate specified by its Board of Directors’ decision
Central Bank of Libya
The Central Bank of Libya is the primary monetary authority of Libya, established in 1956 to issue currency and manage the country’s financial reserves. Its history has been deeply affected by political conflict since 2011, with rival administrations in Tripoli and Benghazi both claiming control over the institution and its critical assets.
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 heritage includes UNESCO World Heritage sites such as the ancient Greek city of Cyrene and the Roman ruins of Leptis Magna.
Libyan dinar
The Libyan dinar is the official currency of Libya, introduced in 1971 to replace the Libyan pound. Its issuance is managed by the Central Bank of Libya, and its history is closely tied to the country’s political and economic changes, particularly following the discovery of oil.
Special Drawing Rights
Special Drawing Rights (SDR) is an international reserve asset created by the International Monetary Fund in 1969 to supplement its member countries’ official reserves. It is not a currency but a potential claim on the freely usable currencies of IMF members, with its value based on a basket of major currencies including the U.S. dollar, euro, Chinese renminbi, Japanese yen, and British pound sterling.
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 the mid-20th century.
