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Libya central bank slaps fees on selling foreign currency as it kicks off economic reform

The Central Bank of Libya (CBL) said Saturday that it will start slapping fees on the selling of foreign currency as part of three economic reform tracks as per the results of the Tunisia meeting held last week.

The announcement came in the presence of the CBL governor Al-Siddiq Al-Kabeer, the member of the Presidential Council Fathi Al-Mijibri, High Council of State’s economic committee Mohammed Takala, and other officials.

“Of the three reform tracks, tackling the foreign currency prices and rates by slapping fees on the transactions will be the first.” The CBL reads.

It added that the second track will be for the subsidies and the third will be for the compensation and financial support for the citizens to alleviate the impact of the reforms.

The attendees of the meeting agreed to meet again Sunday and to coordinate in implementing the tracks on the ground.

Last Tuesday, the Presidential Council (PC) and the Central Bank of Libya (CBL) on economic reforms that would end “deformed prices of fuel” and “foreign currency rates” at the market in the eighth meeting of the Libyan Economic Dialogue in Tunisia.

The meeting said selling dollars to the families at bank rates will be increased and the family and children’s grants (100 Libyan dinars per child) will be reactivated.

PC will start implementing the reforms on the ground across the entire country regardless of political conflicts, Al-Mijibri previously remarked.


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