The Central Bank of Libya exclusively told our source that it continues to implement measures to support the value of the Libyan dinar. It explained that yesterday’s rise in the exchange rate resulted from panic and fear among some traders regarding the new compliance regulations discussed by the Bank with commercial bank directors. These regulations will impose strict local and international sanctions on anyone suspected of corruption or violations in the letters of credit process, as the involvement of a neutral international party will expose corruption and the misuse of foreign currency for unauthorized purposes.
The Bank confirmed that this measure will regulate the import process and help local banks avoid international sanctions from their correspondent institutions.
