The Central Bank of Libya has revealed that the US dollar selling rate for personal purposes and pending merchant cards from December — which will be executed tomorrow with a value of 600 million dollars — will be at a rate not exceeding 6.23 dinars per dollar.
The Central Bank also confirmed, in statements, the existence of an agreement to reduce the consumption and exchange tax by 5% starting from next April, with the reduction continuing gradually in the subsequent period.
In the same context, a number of banks have called on citizens who submitted requests to purchase foreign currency for personal purposes via the Central Bank’s platform during December to hurry in depositing the due amounts into their accounts, following the Bank’s announcement of the start of settling personal purpose transactions.
Central Bank of Libya
The Central Bank of Libya is the primary monetary authority of Libya, established in 1956 following the country’s independence. It has played a critical role in managing the nation’s financial system and currency, though its operations have been significantly challenged and divided between rival administrations during periods of conflict since 2011.
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.
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.
