Sixty-nine members of Libya’s House of Representatives have called on the parliamentary leadership to hold an emergency session on Tuesday and Wednesday regarding the Central Bank’s decision to devalue the Libyan dinar.
The MPs urged the House leadership to summon the Central Bank Governor and his deputy, along with representatives from the Audit Bureau, the National Oil Corporation, and the Administrative Control Authority, to discuss the “alarming” financial data, including the significant budget deficit and the substantial increase in government spending outside the approved budget framework.
The Central Bank had recently announced a devaluation of the dinar against the dollar to address the deficit, following reports that the two governments had spent approximately 224 billion Libyan dinars in a single year, which led to a demand for $36 billion in foreign currency.
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