Al-Hibri says CBL Board has taken legal decision to adjust dinar exchange rate

Al-Hibri says CBL Board has taken legal decision to adjust dinar exchange rate

October 20, 2022 - 19:17
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Written By: AbdulkaderAssad

The Deputy Governor of the Central Bank of Libya (CBL) Ali Al-Hibri said the Board of Directors decided to adjust the dinar exchange rate as per the law and its authorization, adding in a press conference on Thursday in Benghazi that the Board was appointed in 2011 by the Transitional Council and is still in place.

Al-Hibri revealed talks on the “WhatsApp” application between him and CBL Governor Al-Siddiq Al-Kabir regarding the exchange rate adjustment, which the latter rejects, as he described, for economic and political reasons. He explained that after he had sent Al-Kabir a proposal about adjusting the exchange rate, Al-Kabir replied in August on “WhatsApp” saying: “We've heard that you imported equipment to print currency inside Libya.”

"Let us discuss the currency, and let's discuss the most important issues related to the people, the most significant of which is that decisions are issued by the Board of Directors according to the law, and you insist on ignoring the Board and this is not right." Al-Hibri said, describing his WhatsApp conversation with Al-Kabir, adding that he had sent Al-Kabir the documents for dinar exchange rate adjustment and urged him for unifying the Board of Directors.

Al-Hibri said he held a press conference to talk about the importance of adjusting the exchange rate of the Libyan dinar given the economic impact on people and other relevant risks to the state's economy.

CBL Board of Directors, without the Governor Al-Kabir, met on October 03 in Benghazi and decided to adjust the dinar exchange rate for 4.48 dinars to the US dollar to 4.26 dinars.