News In Brief
Libya's Central Bank denies adjusting exchange rate of the dinar
The Central Bank of Libya (CBL) issued a statement on Monday denying adjusting the exchange rate of the Libyan dinar, stressing the continuation of work at the current exchange rate that was established under Board Resolution No. (01) of 2020.
The Board of Directors of the CBL (parallel branch) in Al-Bayda announced earlier on Monday the adjournment of the Libyan dinar's exchange rate in a decision (No. 08) dated September 22 so that one US dollar became worth 4.26 dinars, compared to the CBL (in Tripoli) rate of 5 dinars. The statement said the new rate will be in effect starting October 16.
The two different actions of the CBL and its parallel branch in the east is ominous of the return of division that has been characterizing the CBL for years and led to the east-based CBL's printing of banknotes in Russia, sending the Libyan dinar at the time into a record low and drying up banks' liquidity.