Former member of the Board of Directors at the Central Bank of Libya, Mrajaa Ghaith, stated exclusively to our source regarding the Central Bank\u2019s decision to adjust the exchange rate:<\/p>\n\n\n\n
\n\u201cI believe this decision is hasty and came at the wrong time. Why adjust the exchange rate right after the Central Bank reduced the foreign exchange tax?\u201d<\/p>\n<\/blockquote>\n\n\n\n
He continued: \u201cWhy hasn\u2019t the Central Bank published Resolution No. 18 regarding the exchange rate adjustment? What it did publish on its official page is merely the updated official exchange rate and the new buy\/sell prices. So why not publish the decision, especially since it\u2019s not classified?\u201d<\/p>\n\n\n\n
He added: \u201cCertainly, the citizen is the one most affected in all cases \u2014 we said this when the tax was imposed, and we say it again with the exchange rate. We import 100% of what we need. On top of that, during this time when the world is facing a crisis and prices could rise or there could be an economic recession \u2014 you go and raise prices even more?\u201d<\/p>\n\n\n\n
Ghaith further stated: \u201cThe justifications mentioned are not those of the Central Bank of Libya; these are government justifications. The government has a deficit \u2014 let it figure out how to cover it. It\u2019s not the Central Bank\u2019s job to solve the government\u2019s problems.\u201d<\/p>\n\n\n\n
According to Ghaith, since currency sales are under the authority of the Central Bank, it can impose tighter controls and limit wasteful use.<\/p>\n\n\n\n
\n\u201cBut saying that nearly 2 billion is for personal use \u2014 this is all speculation and dollar brokerage.\u201d<\/p>\n<\/blockquote>\n\n\n\n
Ghaith concluded: \u201cI advise the Central Bank to float the Libyan dinar and spare us. As long as it\u2019s going to follow the black market, every time the rate goes up, the official rate goes up with it! Float the dinar \u2014 and may it reach 20 \u2014 and let them take responsibility.\u201d<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Former member of the Board of Directors at the Central Bank of Libya, Mrajaa Ghaith, stated exclusively to our source regarding the Central Bank\u2019s decision to adjust the exchange rate: \u201cI believe this decision is hasty and came at the wrong time. Why adjust the exchange rate right after the Central Bank reduced the foreign […]<\/p>\n","protected":false},"author":13,"featured_media":253540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[628,658,613],"class_list":["post-253539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-central-bank","tag-exchange-rate","tag-libya"],"acf":[],"_links":{"self":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/253539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/comments?post=253539"}],"version-history":[{"count":1,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/253539\/revisions"}],"predecessor-version":[{"id":253541,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/253539\/revisions\/253541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/media\/253540"}],"wp:attachment":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/media?parent=253539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/categories?post=253539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/tags?post=253539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}