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Al-Akari explains the reason for setting the exchange rate at 4.26, stressing that this decision will contribute to a 15% decrease in the prices of goods and services

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A member of the Exchange Rate Adjustment Committee, Misbah Al-Akari, said that the decision of the Board of Directors of the Central Bank of Libya to reduce the exchange rate to about 4.26 dinars per dollar came in accordance with the correct law, specifically the Article 31 of the Banking Law 46 of 2012, which gave the authority to amend the exchange rate to the bank’s board of directors central.

Concerning the reason for setting the exchange rate at 4.26, Al-Akari, explained that after one year and nine months after the previous adjustment of the exchange rate, many circumstances occurred that necessitated the Board of Directors of the Central Bank to reconsider this rate, especially after the official exchange rate began to rise continuously, as a result of the rise in the value of the US dollar against all currencies in the world, which was reflected in the value of the Libyan dinar linked to the Special Drawing Rights, and reached it to exceed the barrier of five dinars per dollar.

He added that at the same time, there were positive indicators in the Libyan economy, represented in the disappearance of the budget deficit, the achievement of financial surpluses and an improvement in the balance of payments, in addition to monitoring an exceptional budget for the oil sector in the amount of 35 billion dinars, which will enable the National Oil Corporation to increase its production capacity, increase export rates and achieve additional revenues for the Libyan economy, as well as another indicator which is the decrease in the money supply by 20% and the positive improvement in solving the liquidity problem, as well as the improvement in the use of electronic payment tools.

Al-Akari continued, saying that despite all these positive indicators, the inflation rates witnessed a rise that greatly affected the purchasing power of the Libyan citizen, which led to great difficulties in dealing with these price hikes and the occurrence of a state of economic stagnation. The Board of Directors of the Central Bank had to intervene according to the limited tools available to it to address the high rates of inflation. Therefore, a team was assigned to reconsider determining a new value for the Libyan dinar, and the assigned team worked on analyzing each of the determinants of the exchange rate, setting the worst expectations, and putting the new exchange rate in an actual simulation mode with future expectations, and settled on the rate of 4.26.

Al-Akari pointed out that the new exchange rate will have the ability to protect the state’s reserves, achieve financial sustainability and remove the specter of financial indebtedness from international institutions, as well as contribute to a 15% decrease in the prices of goods and services, stressing that, according to figures. The financial situation of the Libyan state is reassuring and what we need is only to rationalize public spending, especially consumer spending, and to go more towards development spending, which contributes to diversifying sources of income and creating jobs to reduce the unemployment rate in the country.

Shakshak demands Al-Kabeer to refer the consolidated financial statements to the Central Bank prepared in accordance with international standards

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The head of the Audit Bureau, Khaled Shakshak, demanded the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, to refer the consolidated financial statements to the Central Bank prepared in accordance with international standards and to be inclusive of all sub-lists, attachments, and data of the Central Bank in all its branches without exception, with an acceptable level of disclosure. The bank shall cooperate with the Audit Bureau so that it can perform its duties by completing the examination and review process.

This came after the Central Bank’s response through the media to the Bureau’s annual report for the year 2021, confirming that the Bureau had prepared and produced its report professionally and objectively, and that all of its notes and figures were supported by sufficient documents and evidence for publication.

Al-Hibri assures to our source that the decision to amend the exchange rate will be imposed by force of law because it serves the public interest

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The Deputy Governor of the Central Bank of Libya, Ali Al-Hibri, said in a statement to our source on Monday that the decision to amend the exchange rate taken by the Board of Directors of the Central Bank will be imposed by force of law, despite the opposition of Seddiq Al-Kabeer because it serves the public interest.

Al-Hibri clarified that the decision to adjust the exchange rate is an inherent competence of the Board of Directors of the Central Bank of Libya, which decided – after a meeting held at the end of last September, in which Al-Kabeer was invited to attend – amending the exchange rate of the Libyan dinar to be 0.1833 units of special drawing rights, equivalent to approximately 4.26 dinars per dollar.

The Central Bank of Tripoli had rejected, in a post on the official Central Bank page on its official Facebook Page, the decision to amend the exchange rate of the Libyan dinar, stressing the continuation of work at the previous exchange rate established under Board Resolution No. (1) of 2020.

The Central Bank of Benghazi adjusts the exchange rate to 4.25 dinars, and the CB of Tripoli refuses and confirms that it will continue at the current rate of 5.2 dinars

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The Central Bank of Libya, Benghazi, issued today, Monday, a decision to amend the exchange rate of the dinar against the dollar to 4.25 dinars, as of October 16, indicating that this decision will apply to all purposes, aspects and operations in which foreign exchange is used for all individuals, legal, public and private national and non-national entities. 

For its part, the Central Bank of Libya in Tripoli responded to this decision by rejecting, confirming the continuation of work at the previous rate of 5.2.

The government of Dbeibeh signed three memoranda of understanding with the Turkish counterpart, including the oil and gas energy agreement

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The Prime Minister of the Government of National Unity, Abdul Hamid Dbiebeh, received today, Monday, a high-level Turkish delegation headed by Turkish Foreign Minister, Mevlut Cavusoglu, to sign memoranda of understanding in the fields of security training, oil energy, gas and media, within the framework of strengthening relations between the two countries, in the presence of the Ministers of Foreign Affairs, Najla Al-Mangoush and Oil and Gas Minister-designate, Mohamed Al-Huwaij, the Minister of State for Communication and Political Affairs, Walid al-Lafi,  the Minister for Cabinet Affairs, Adel Jumaa, the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, and the Chief of General Staff, Mohamed Al-Haddad.

The attendees also met to discuss preparations for holding the Supreme Libyan-Turkish Strategic Council in Tripoli, and the Libyan-Turkish Partnership Forum, which will represent the launch of a number of important strategic projects.

Al-Mangoush discusses with the European Union Ambassador the facilitation of granting “Schengen” visas to Libyan citizens, and the files of economic and security support

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The Minister of Foreign Affairs and International Cooperation of the Government of National Unity, Najla Al-Mangoush, discussed with the European Union Ambassador to Libya, Jose Sabadell, facilitating the granting of “Schengen” visas to Libyan citizens, and the files of economic and security support provided by the European Union, in addition to the need to activate the concluded agreement that includes many rights for children infected with HIV/AIDS.

Al-Mangoush affirmed that the ministry and the government continue to perform their work and will not retreat from their role in promoting stability in Libya and preventing any attempts that would obstruct the European Union’s efforts to hold elections as soon as possible.

Al-Abed confirms the government’s intention to hold a dialogue between professional and labor unions to elect a unified union for workers and crafts

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On Sunday, the Minister of Labor and Rehabilitation of the Government of National Unity, Ali Al-Abed, confirmed the government’s intention to conduct a comprehensive dialogue between the parties of the professional and labor unions to reach the election of a unified union for workers and craft professions and the possibility of opening a section in the Libyan International Center for Training in the Bread Industry and Gold and Silversmiths, stressing the necessity of Activating the profession’s honor document because most professions are of great importance to citizens.

This came during a meeting of the Minister of Labor with the President of the Federation of Trade Unions, Abdul-Majid Mohamed, and they discussed the importance of training job seekers in a number of disciplines, including gold and silversmiths and bread making, and the problems that direct the Bakery Syndicate, especially with regard to settling the conditions of foreign workers working in Libya, in coordination with the Department of Labor Inspection and Occupational Safety and the Department of Employment in the Ministry.

Al-Mangoush receives the Turkish Foreign Minister in preparation for the signing of agreements between the two countries

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The Minister of Foreign Affairs and International Cooperation of the Government of National Unity, Najla Al-Mangoush, received this morning, Monday, a high-level Turkish delegation headed by her Turkish counterpart, Mevlut Cavusoglu.

According to the announced statements by officials of the Government of National Unity, the visit of the Turkish delegation to the capital, Tripoli, comes as a prelude to the signing of a number of cooperation agreements between Libya and Turkey.

Dbeibeh: “There is still a great commitment towards retirees across the country to obtain their rights”

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On Saturday, the Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, participated in the Ministry of Social Affairs and the Syndicate of Retirees, the celebration of the National Day of Retirees, which was approved by the Council of Ministers, with the participation of a group of retirees.

Dbeibeh stressed during his speech that there is still a great commitment towards retirees across the country to obtain their rights.

Al-Zayat confirms to our source that the tuna product bearing the brand “Janzour” is locally made and not, as it is rumored, is Thai

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The Director of the Information Office at the Food and Drug Control Center, Mohamed Al-Zayat, confirmed to our source that the tuna product bearing “Janzour” brand is a locally made product and not, as it is rumored, an imported product from Thailand.

Al-Zayat denied the false information circulated on social media pages regarding the existence of commercial fraud in one of the Libyan tuna products bearing the trademark “Janzour” and what is rumored that it is of Thai origin and not a local industry, pointing out that these rumors are baseless and that the Control Center Food and Drugs should, among its priorities, refute such rumors that combat local production, and adhere to the principle of transparency for the consumer.

He explained that the tuna product bearing “Janzour” brand is manufactured by the Al-Tanara company, whose factory and warehouses are located in the city of Zliten, and it is registered within the records of Food and Drug Control Center, in a way that conforms to the approved Libyan health and standard specifications.