The Central Bank of Libya exclusively revealed to our source that it began today, Wednesday, April 1, resuming the sale of foreign currency to cover all approved transfer requests and letters of credit, while also continuing sales for personal purposes. Working hours on the system have been extended.
The Bank confirmed that operations are proceeding at a good pace, with extended hours through Thursday to complete the provision of $2 billion. It noted that claims about a halt or slowdown in the system are baseless, describing them as attempts by some currency traders to influence the exchange rate in the parallel market.
It added that it will continue selling $1 billion for personal purposes, and that an additional $1 billion in cash sales will begin in the coming days.
The Central Bank explained that its plan is progressing correctly, having injected $2 billion to cover letters of credit and personal demand, while preparations for an additional $1 billion in cash are ongoing. Mechanisms for the cash sale are being finalized by the working team. It expects the parallel market to stabilize at 8.50 LYD per dollar or lower before the launch of the additional cash sales, noting that overall market trends are unlikely to resist the Central Bank’s supply, even if parallel spending continues.
It further stated that, as of now, $1 billion has already been completed across letters of credit, transfers, and personal purposes, with work continuing through today and tomorrow, Thursday.
