The Central Bank of Libya has exclusively told our source that it is continuing its plan to stabilize the foreign exchange market. Beginning in the middle of next week, at the start of July, it will start releasing the US$3 billion allocated for July.
The allocation includes:
- US$1 billion in cash, to be distributed through bank branches.
- US$2 billion designated for letters of credit, money transfers, and sales to commercial banks.
The Central Bank added that it expects the market to experience a noticeable decline (in exchange rate pressures), influenced by the total amount of foreign currency injected into the market: US$6 billion during May and June, in addition to US$3 billion for July, bringing the total to US$9 billion.
