On the sidelines of concluding Article IV consultations with the International Monetary Fund today, Wednesday, the Governor of the Central Bank of Libya, Naji Issa, stated that the bank has a plan to support the value of the Libyan dinar and to inject foreign currency on a regular basis, alongside expanding cash dollar sales.<\/p>\n\n\n\n
Naji Issa explained to the IMF expert mission that new mechanisms have been put in place to deal with foreign currency, and to regulate transfers between accounts of individuals, traders, and companies with more flexible procedures.<\/p>\n\n\n\n
He added that a unified framework for public spending will be adopted to ease pressure on the exchange rate, noting that there are excellent understandings in this regard, in addition to a plan to distribute cash dollars and activate exchange companies more effectively, with the launch of cash foreign currency sales approaching.<\/p>\n\n\n\n
Naji Issa also announced the launch of subscription to restricted deposits for one year, granting clients the advantage of purchasing foreign currency equivalent to 70% of the deposit value, with full freedom to use these funds through local and international transfers.<\/p>\n\n\n\n
He further advised small traders not to deal with the black market to avoid potential losses, stressing that the bank\u2019s goal is to gradually reach a balanced exchange rate and reduce the gap between the official and parallel rates to 5%.<\/p>\n\n\n\n
Naji Issa pointed out that reaching an exchange rate of 6.90 dinars per dollar is achievable after unifying public spending, with the margin difference between cash purchases and checks in various transactions nearing elimination.<\/p>\n\n\n\n
He confirmed that the liquidity plan has been successful, with a strategy in place to enhance liquidity levels in the economy and print additional currency issues, noting the bank\u2019s ability to supply dollars at any required level, alongside a plan to inject $1.5 billion and continue regular monthly injections until the end of the year.<\/p>\n\n\n\n
He emphasized that regulating the foreign exchange market is a core objective of the central bank, affirming that the necessary tools are available to achieve this. He also highlighted progress in financial inclusion, with electronic transactions exceeding 80% of total market transactions, targeting 95%, and expecting that pricing via electronic payments will be lower than cash payments.<\/p>\n\n\n\n
Naji Issa added that the bank continuously reviews improvements to the value of the Libyan dinar with its board of directors based on developments, noting the success of the electronic salary system \u201cRatibak Lahthi\u201d in enhancing transparency and increasing the number of beneficiaries, with a target of reaching 2.4 million employees in cooperation with the Ministry of Finance.<\/p>\n\n\n\n
He concluded by \u0627\u0634\u0627\u0631\u0647 to studying proposals to improve living standards, through supporting certain goods or providing direct cash support, balancing prices to avoid increases, and cooperating with the National Oil Corporation to support it with loans and necessary budgets to increase production and boost revenues.<\/p>\n\n\n\n
Share the news<\/strong> Related<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" On the sidelines of concluding Article IV consultations with the International Monetary Fund today, Wednesday, the Governor of the Central Bank of Libya, Naji Issa, stated that the bank has a plan to support the value of the Libyan dinar and to inject foreign currency on a regular basis, alongside expanding cash dollar sales. Naji […]<\/p>\n","protected":false},"author":13,"featured_media":256635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[628,613],"class_list":["post-256634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-central-bank","tag-libya"],"acf":[],"_links":{"self":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/256634","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=256634"}],"version-history":[{"count":1,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/256634\/revisions"}],"predecessor-version":[{"id":256636,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/256634\/revisions\/256636"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/media\/256635"}],"wp:attachment":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/media?parent=256634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/categories?post=256634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/tags?post=256634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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