Libya News

  Add News  

Libyan Businessmen Council calls on CBL to stabilize the dinar exchange rate

The head of the Libyan Businessmen (LBC) Council, Abdalla Fellah, has called on the Tripoli-based Central Bank of Libya (CBL) to ‘‘take action in stabilizing the exchange rate of the Libyan Dinar’’ (LD). The LBC is the only current business council recognized by law.

Speaking to Libya Herald, Fellah said that the CBL should ‘‘take steps to set a stable price’’ for the sky-high LD which is at around LD 8.5 per dollar. The official rate is LD 1.4 per dollar.

Setting a more realistic price ‘‘would give confidence to the market and country’’ and stop the ‘‘battle to gain access to hard currency’’ at the official exchange rate, he explained. However, Fellah would not suggest an exchange rate for devaluing the LD, adding that that was ‘‘the job of the CBL.

The LBC ‘‘is not calling for a specific price. That is not our job. Finance is the job of the CBL’’, but a devaluation of the LD needs to take place.

With reference to other calls from businessmen for specific exchange rates to be set, Fellah added that the ‘‘opinions of individual businessmen do not represent the view of the LBC’’.

Fellah also repeated his criticism of the way the CBL went about opening Letters of Credit (LCs)to various companies – as opposed to others. He referred to the fact that many companies who had received LCs in 2016 had corruptly ‘‘imported empty containers’’.

The LBC chairman felt that the CBL was not doing enough to prevent financial and foreign exchange corruption. He definitely feels that the CBL is not consulting the business community and seeking its help in fighting corruption and solving Libya’s economic problems.

Fellah suggested that the LBC may consider creating a blacklist of ‘‘discredited’’ companies/directors in the fight against corruption. ‘‘The LBC has standards to maintain and has to be seen as a clean and respectable organization’’, he insisted.

The call by Fellah follows other calls from the General Union of Chambers of Commerce and leading bankers on the CBL to take action to halt the sliding value of the Libyan Dinar. The CBL Governor, for his part, has blamed the country’s economic woes on weak governments. He has promised a press conference soon.



Home Advertising Our Services Contact us Login Register

Libya Add Your Topic

Dear Visitor you can add free your News, Jobs, Tenders or any topic categorized under by clicking at the appropriate link below.

  Libya Tenders  

  Libya News  

  Libya Events  

  Libya Jobs  

  Libya Jobs Seekers  

  Libya Training  

  Libya NOC News  

  Libya Government  

  Libya xGPC News  

  Doing Business in Libya  

  International Companies  

  Libyan Companies  

  Libyan Training  

  Libya Auctions  

  Libya Laws  

  Libya Regulations  

  Libya Projects  

  Libya Telecom and Technology  

  Libya Announcements  

  Libya Scholarships  

  Libya Airports  

  Libya Exhibitions  

  Libya Sea Ports  

  Libya Free Zones  

  Libya Banks  

  Libya Small business  

  Libya Finance & Economy  

  Libya Healthcare  

  Libya Real Estate  

  Libya Islamic Finance  

  Libya Industries  

  Libya Construction  

  Libya Competitions  

  Libya Agriculture  

  Libya Culture  

  Libya Demography  

  Libya Geography  

  Libya Roads  

  Libya Business  

  Libya Oil  

  Business in Libya  

  Libya Grants  

  Libya Volunteer  

  Libya Rent