CBL source: Adjusting exchange rate requires good oil revenues

CBL source: Adjusting exchange rate requires good oil revenues

October 08, 2022 - 13:40
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Written By: SafaAlharathy

The London-based Al-Araby Al-Jadeed newspaper has quoted a source from the Central Bank of Libya (CBL) as saying that changing the exchange rate at present requires good oil revenues.

The source said this means that the bank should be able to cover any demand for hard currency, confirming that there is no intention to change the price until the end of the year.

In the same context, a former advisor at the CBL Mohamed Abu Sanieh said in a separate statement to the newspaper, that the current exchange rate is still far from the required financial balance needed for supporting the Libyan dinar.

He pointed out that price changes are used as a means to finance the general budget and are not taken as a tool to control inflation.

The Governor of the Central Bank of Libya, Saddek Elkaber confirmed that work would continue with the previous price adjustment in early 2021 until further notice.