Tripoli – For the third consecutive day, the US dollar jumped against the Libyan dinar in parallel market transactions this Wednesday, continuing the series of increases that began at the start of the week, amid a widening gap between the cash price and the bank transfer rate.
As of 6:20 PM, the dollar was trading at 9.71 dinars in the Al-Mashir currency market in Tripoli, and at 9.70 dinars in the Venice markets in Benghazi and Misrata. Meanwhile, the dollar continued its rise in transfer and check transactions, approaching the 11 dinar level by recording 10.95 dinars.
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.
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 following the discovery of oil.
Tripoli
Tripoli is the capital and largest city of Libya, with a history dating back to the 7th century BC when it was founded by the Phoenicians. It later became a significant Roman city and a major port under various rulers, including the Ottomans and Italians, which is reflected in its historic medina and Red Castle (Assaraya al-Hamra).
Al-Mashir currency market
The Al-Mashir currency market is a major informal foreign exchange market located in Mogadishu, Somalia. It emerged as a crucial financial hub in the early 1990s following the collapse of the central government, providing liquidity and facilitating trade when the formal banking system was non-existent. It remains a primary venue for currency trading and remittances in the country.
Venice markets
The historic markets of Venice, such as the Rialto Market, have operated for centuries as the commercial heart of the city, with the Rialto area being a central trading hub since as early as the 11th century. Today, they offer a vibrant atmosphere where locals and visitors can purchase fresh produce, fish, and traditional 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.
Misrata
Misrata is a major port city on the Mediterranean coast of northwestern Libya, historically known as a key trading and commercial center since at least the 7th century. It gained significant international attention during the 2011 Libyan Civil War, where it endured a prolonged and pivotal siege, becoming a symbol of resistance against the Gaddafi government.
