The Governor of the Central Bank of Libya (CBL), Sadiq Al-Kabir, considered that the request from the Presidential Council (PC) regarding the reopening of the system of individuals’ allocations in foreign currency with providing an amount of $5,000 to be sold per person would result in a severe drain on the state’s resources, and may to impoverishment, especially under the present challenging financial circumstances in the country.

Al-Kabir also explained that the increase of exchange rate on the ‘black market’ is as a result of the distortion of economic structure, which needs radical solutions.

The Central Bank stressed that the establishment of the state of emergency came only to confront the Coronavirus, explaining that the Head of the Presidential Council had touched on other issues that have no use in supporting the state to confront the Coronavirus, including the demand for the distribution of salaries without adopting financial arrangements, and its request regarding the opening of the foreign exchange system in conjunction with the export of oil being stopped and its prices collapsing globally.

It will be reminded that the CBL Governor referred to the state of emergency law issued in 1955, which stipulates that emergency measures should be taken for a specific reason, and that the motive for declaring the state of emergency came as a foundation due to the Coronavirus epidemic, stressing that the bank has taken all decisions to assist the state in facing the epidemic, according to its jurisdiction.