The member of the Board of Directors of the Central Bank of Libya, Mrajaa Ghaith, responded in an exclusive statement to our source, to what was discussed in the cabinet meeting regarding the parallel exchange.
He said that controlling the exchange rate is done through measures taken by the central bank and the government, represented by the Ministry of Finance. “Before you wonder about the role of parallel exchange rates, why don’t you try to discuss why parallel exchange occurs? Isn’t it due to the withholding of allocations from official institutions that are considered part of the state’s institutions? If the needs of those institutions were provided regardless of their locations, wouldn’t there be a need for what is called parallel spending?”
He continued, saying: “As for seeking false excuses and reasons and leaving aside the real reasons, the first of which is the absence of comprehensive management of the central bank and the absence of the Ministry of Finance from fulfilling its role in financial policy, and the lack of coordination between fiscal and monetary policies, and encroaching on the jurisdiction of others, isn’t it a challenge for the central bank to publish its delayed financial statements for ten years instead of performing the role of the Ministry of Finance?”
He also stated: “What was discussed and listened to was one perspective and cheap propaganda for fake achievements, and no one present raised the question of why parallel spending exists!”
