The Central Bank of Libya (CBL) announced a 13.3% devaluation of the Libyan dinar against foreign currencies, setting the new exchange rate at 5.5677 dinars per US dollar.
According to the decision, the value of the Libyan dinar has been adjusted from 0.1555 to 0.1349 Special Drawing Rights (SDRs) per dinar. This sets the new rate at 5.5677 dinars per dollar, effective Sunday, April 6, 2025.
Prior to the announcement, the CBL said it was compelled to revise the exchange rate due to the lack of any prospects or hopes for unifying the dual spending systems of the two rival governments.
The CBL reaffirmed its full readiness to cooperate transparently with all parties and called on the legislative and executive authorities, as well as all relevant institutions and stakeholders, to intensify efforts to end the ongoing political and institutional division.
The CBL emphasized the need for a short-term, goal-oriented economic vision in which macroeconomic policies are harmonized. This vision should include the approval of a unified budget to control public spending at levels that can help prevent further negative impacts on the exchange rate, while also considering the Libyan economy’s absorptive capacity.
The CBL also revealed that it had to temporarily draw on a portion of its foreign currency reserves to maintain exchange rate stability at acceptable levels.
According to the CBL's statement, total foreign assets exceed $94 billion, of which $84 billion are reserves managed by the CBL. It stressed that it has fulfilled its duty to protect these assets despite immense challenges and a perilous working environment.
