03-08-2025
Central Bank Governor pledges to use all resources to stabilize dollar exchange rate
Libya's Central Bank Governor, Naji Issa, has pledged to use all available resources to reduce the dollar exchange rate in the parallel market. His remarks came during a closed-door meeting with representatives of licensed exchange companies on Sunday in Tripoli.
The extended working session focused on arrangements for the official launch of companies recently granted final licenses to operate. Discussions also included mechanisms for supplying foreign currency to exchange companies and measures to regulate the parallel market while strengthening financial oversight in line with anti-money laundering and counter-terrorism financing laws.
According to informed sources, the Central Bank began executing foreign currency sales at 9 a.m. on Sunday, totaling $1.5 billion to commercial banks. The allocation includes $500 million for personal use and $1 billion for letters of credit.
The move is part of the Bank's broader efforts to curb foreign exchange trading outside official channels and to ensure the flow of foreign currency through transparent and regulated mechanisms.
The dollar exchange rate has seen a significant decline in the parallel market over the past week, dropping by 290 dirhams. It stood at 7.48 Libyan dinars at the close of trading on Saturday, August 2, down from 7.77 dinars a week earlier on July 26. Tags: naji issa Central bank of Libya
