Libya’s Central Bank Governor, Naji Issa, said in exclusive remarks to our source that the Central Bank of Libya is working with all relevant institutions and stakeholders to adhere to the unified spending agreement and implement reforms in fiscal, trade, and monetary policy.
He added that positive steps are being taken to control government spending and move toward adopting a unified salary scale for all state institutions funded through the general budget. He also pointed to reforms in several other areas, noting that there has been a positive response from all parties.
The governor continued: “The Central Bank will work to contain the rise in the exchange rate in order to limit increases in the prices of goods and services, contain inflation, and increase the value of the dinar, which is a key objective.”
He added that benefiting from higher oil prices in October will help the bank inject $3 billion and address pent-up demand for foreign currency for letters of credit and personal purposes, including cards and cash.
“There will also be a significant expansion of direct transfers for small traders, in light of the implementation of the Economy Minister’s decision to prohibit imports except through banking transactions,” he said.
