Our source from the Central Bank of Libya revealed on Sunday that the Central Bank Governor, Seddiq Al-Kabeer, is considering a decision to withdraw the 50 dinar banknote from circulation. The acceptance and deposit of this denomination will be subject to regulations and procedures related to combating money laundering.
This comes after the Central Bank observed three different versions of the 50 dinar currency circulating in the market: one issued by the Central Bank of Tripoli, another by the Central Bank of Benghazi, and a third unidentified source.
Al-Kabeer cited several reasons for withdrawing the 50 dinar banknote, including concerns about increasing rates of counterfeiting, its continued circulation and widening trading scope without easy differentiation by citizens. Additionally, the 50 dinar banknote is considered a hoarding currency not commonly used in daily transactions among the general public, but rather in some legally dubious activities. This denomination is causing significant damage to the economy and affecting the exchange rate of the Libyan dinar.
