Our source obtained a correspondence from the Governor of the Central Bank of Libya to the members of the Financial Committee of the House of Representatives regarding the central bank’s initiation of a plan to withdraw the 50-dinar denomination.
This comes out of concern over the increasing rates of counterfeiting, its continued circulation, and the widening scope of its trading, making it difficult for citizens to distinguish. Additionally, the 50-dinar denomination is considered a currency hoarded by the public and used in some illegal activities.
It causes significant damage to the economy and affects the exchange rate of the dollar.
According to the governor, it will be withdrawn according to a mechanism that will be announced later, and the acceptance and deposit of this denomination will be subject to regulations and procedures related to money laundering and terrorism financing, especially those that occur after the withdrawal decision, while emphasizing the central bank’s keenness to address all the reasons for achieving financial stability for the state.
