In an exclusive statement to our source, the Central Bank of Libya said that the absence of tools enabling it to control the exchange rate in the parallel market has allowed a limited group of speculators to manipulate prices.
The Bank added: “Now, we will have licensed exchange companies and offices that we will support in order to control the market and stabilize the exchange rate through coordination between the Central Bank and these licensed entities. We expect cooperation from the companies and offices in light of the support we will provide.“
The Central Bank continued: “We have sufficient reserves, a portion of which can be used to stabilize the market through organized and legal mechanisms, instead of being exploited through fake letters of credit or the abuse of payment cards. This will directly serve the market and put an end to the misuse of credits as stricter auditing procedures are implemented.“
