In the parallel market today, Thursday, the exchange rate of the US dollar against the Libyan dinar rose. Trading at 17:00 was at 9.13 dinars in the Al-Mashir currency market in Tripoli, and at 9.14 dinars in the Venice market in Benghazi.
Regarding transfers and bank checks, the dollar rate reached 10.60 dinars, reflecting the significant gap between the cash and banking markets, and indicating continued pressure on the local currency amid the current economic conditions.
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.
Libyan dinar
The Libyan dinar is the official currency of Libya, introduced in 1971 to replace the Libyan pound. It was established following the 1969 revolution that brought Muammar Gaddafi to power, symbolizing a move toward economic independence.
Al-Mashir currency market
The Al-Mashir currency market is a prominent informal foreign exchange market in Baghdad, Iraq. It emerged following the 2003 Iraq War and the collapse of the formal banking system, becoming a key hub for trading the Iraqi dinar against other currencies. Its operations exist in a legal gray area, often reflecting the country’s economic instability and fluctuating exchange rates.
Tripoli
Tripoli is the capital and largest city of Libya, located on the country’s Mediterranean coast. Historically, it was founded by the Phoenicians in the 7th century BC and has since been ruled by the Romans, Arabs, Ottomans, and Italians, which is reflected in its diverse architecture, such as the ancient Medina and Red Castle.
Venice market
The Venice Market, historically centered around the Rialto area, has been the city’s primary food and goods marketplace since around the 11th century. It flourished as a vital commercial hub during the Republic of Venice, connecting trade from the East and West. Today, it remains a bustling area with the famous Rialto Market, where vendors sell fresh fish, produce, and other goods.
Benghazi
Benghazi is a major city in eastern Libya, historically significant as a center of trade and culture since its founding as the Greek colony of Euesperides. It played a pivotal role in the 2011 Libyan Civil War as a key base for the uprising against Muammar Gaddafi.
