Ageela Saleh, the Speaker of Libya’s parliament, the House of Representatives (HoR), has approved a request from the Saddek El-Kaber, the Governor of the Central Bank of Libya (CBL), to impose a tax/fee/levy of 27 percent on the current official LD exchange rate.
The new flexible rate would allow the CBL Governor to sell the US dollar at a range from LD 5.95 to LD 6.15 – depending on market conditions. The current official exchange rate is LD 4.95 per dollar. The parallel black-market rate yesterday was LD 7.26/dollar.
The ‘‘decree’’ by Saleh is valid until the end of 2024 and prescribes that revenues generated from the 27 percent ‘‘fee’’ are used to cover the expenses of development projects and repay the public debt.