Tripoli – The black market for foreign currency in Libya has witnessed a new surge in the exchange rate for the US dollar, reaching 9.09 Libyan dinars. This comes just days after the Central Bank of Libya announced the official rate at 6.36 dinars per dollar.
This significant gap between the official and parallel market rates reflects the ongoing pressures on the foreign exchange market, amid increasing demand for the dollar against a weak supply. This situation opens the door to further economic challenges in the country.
Tripoli
Tripoli is the capital and largest city of Libya, historically founded in the 7th century BCE by the Phoenicians. It later became a significant Roman city, known as Oea, and has since been ruled by the Vandals, Byzantines, Arabs, Ottomans, and Italians, which is reflected in its diverse architecture. The city’s old town, the Medina, is a UNESCO World Heritage site featuring well-preserved historic structures.
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. The country is home to UNESCO World Heritage sites, such as the ancient Greek city of Cyrene and the Roman ruins of Leptis Magna.
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 1944 Bretton Woods Agreement.
Libyan dinars
The Libyan dinar is the official currency of Libya, introduced in 1971 to replace the Libyan pound. Its issuance and value have been heavily influenced by the country’s political history, including the Gaddafi era and subsequent instability, which has led to significant fluctuations and the existence of multiple exchange rates.
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 policy. It has played a critical and often contentious role throughout Libya’s modern history, including during the Gaddafi era and the subsequent civil conflicts, where control of the bank and its assets became a major point of political and military contention.
