Former member of the Board of Directors at the Central Bank of Libya, Mrajaa Ghaith, stated exclusively to our source regarding the Central Bank’s decision to adjust the exchange rate:
“I believe this decision is hasty and came at the wrong time. Why adjust the exchange rate right after the Central Bank reduced the foreign exchange tax?”
He continued: “Why hasn’t the Central Bank published Resolution No. 18 regarding the exchange rate adjustment? What it did publish on its official page is merely the updated official exchange rate and the new buy/sell prices. So why not publish the decision, especially since it’s not classified?”
He added: “Certainly, the citizen is the one most affected in all cases — we said this when the tax was imposed, and we say it again with the exchange rate. We import 100% of what we need. On top of that, during this time when the world is facing a crisis and prices could rise or there could be an economic recession — you go and raise prices even more?”
Ghaith further stated: “The justifications mentioned are not those of the Central Bank of Libya; these are government justifications. The government has a deficit — let it figure out how to cover it. It’s not the Central Bank’s job to solve the government’s problems.”
According to Ghaith, since currency sales are under the authority of the Central Bank, it can impose tighter controls and limit wasteful use.
“But saying that nearly 2 billion is for personal use — this is all speculation and dollar brokerage.”
Ghaith concluded: “I advise the Central Bank to float the Libyan dinar and spare us. As long as it’s going to follow the black market, every time the rate goes up, the official rate goes up with it! Float the dinar — and may it reach 20 — and let them take responsibility.”
