“The dual exchange rate is the biggest tragedy we have in Libya… Since 2011 until the end of the war, the official exchange rate has shifted higher than the market-determined parallel exchange rate, which means that there is a serious problem.” The Libyan businessman Husni Bey said during a televised interview for Libyan WTV channel and Tabadul Platform.
“The existence of multiple exchange rates is not only considered as the biggest legitimate theft, but also as the biggest problem… The dinar is only a symbolic internal currency, 90% of which is represented by the dollar… It is directly linked via the Special Drawing Rights’ methods which are the Dollar, the Euro, the Yan, the Renminbi and the Sterling.” He said.
The businessman pointed out that $24 billion had been spent in the previous year to cover the budget of 48 billion dinars. He also wondered about the reasons for selling 14 billion dollars at 1.40, and 10 billion dollars at 3.85 pounds.
“A scope for theft, conflict, and differences had been created by selling the dollar at less than the exchange rate parity.” Husi Bey added.