Tripoli – The Central Bank of Libya announced oil revenues. These revenues were deposited with the bank. They reached $482 million as of Sunday, January 18. The Central Bank also announced a revision of the Libyan Dinar exchange rate. This was against Special Drawing Rights (SDRs). The value was reduced by 14.7%. Each Libyan Dinar is now equivalent to 0.1150 SDR units. It was previously 0.1348 units.
The bank clarified this decision. It was based on recommendations from the Monetary Policy Committee. The Central Bank of Libya’s Board of Directors adopted the recommendation. This action was taken due to current economic and financial developments. These developments are facing the national economy.
The statement noted the decision’s context. It is influenced by ongoing political division. This division negatively impacts the economic situation. International economic variables also played a role. Declining global oil prices were particularly significant. This led to reduced oil revenues.
The Central Bank emphasized the reason for this measure. It stems from the continued absence of a unified state budget. Unsustainable growth in public spending is also a factor. Dual spending persists outside disciplined financial frameworks. This occurs without considering the national economy’s absorptive and financial capacities.
The statement stressed the necessity of this decision. It aims to preserve financial and monetary stability. It also ensures the sustainability of public resources. This is part of a package of measures. These aim to strengthen the national economy’s resilience. They seek to curb economic imbalances. They also protect macroeconomic balances.
The Central Bank of Libya affirmed its commitment. It will continue monitoring economic developments. It will take necessary policies and measures. These actions will serve the national economy’s interests. They will maintain monetary and financial stability in the country.