Exclusive: Between Approval and Opposition.. Parliament Divided into Two Camps on Exchange Rate Adjustment Issue

Our source has exclusively obtained a statement from 34 members of the House of Representatives, where the members held the Central Bank of Libya Governor fully responsible for the economic situation in the country, as he is tasked with managing monetary policy in coordination with fiscal and commercial policies, and in accordance with the state’s general policy. They accused him of participating in the expansion of spending, increasing the money supply, and all the measures that led to this difficult economic situation.

The statement declared: “We absolutely reject starving Libyans and proposing solutions at the expense of citizens’ purchasing power instead of tackling corruption and squandering public funds by governments, and following incorrect monetary, commercial, and fiscal policies. Exchange rate adjustment or managing monetary policy is the essence of the Central Bank of Libya’s work according to Law No. 1 of 2005 and its amendments, with no relation to the House of Representatives.”

Thus, the role of the council is monitoring, protecting citizens and the national economy, and taking legal action against violators.

Meanwhile, a member of the Financial Committee of the House of Representatives, Khalifa Al-Daghari, exclusively informed Economic Echo Newspaper about the committee’s meeting with the Central Bank of Libya Governor today, along with the Director of Banking and Monetary Supervision.

Preliminary approval was also given for exchange rate adjustment through taxation, as the governor presented the reasons for it, according to him.

He continued: “In the midst of a political divide, the central bank governor consulted with us on this matter and raised the economic problems we are facing, which require a swift resolution.”