The Presidential Council (PC) issued a statement imposing 183% fees on the foreign currency transactions at the banks.

The new order sees 1 dollar becoming worth 3.90 Libyan dinars. Before the decision, $1 was worth 1.38 dinars at the bank rates.

“The percentage will be added day in and day out according to the bank rates,” the statement adds.

The Head of Presidential Council, Fayez Al-Sirraj, Head of High Council of State, Khalid Al-Mishri, and Governor of the Central Bank of Libya (CBL), Al-Siddiq Al-Kabeer, signed and approved the economic reforms' package on Wednesday.

Besides the fees on foreign currency, the reforms include tapping customs fees on the goods imported by firms which obtained letters of credit before the approval of the reform.

They also included raising family dollar allocations to 1000 dollars instead of 500 to every member at the 1.380 rates, in addition to reactivating children’s grants that have been suspended since 2013 and increasing fuel prices gradually.