The Libyan economic analyst, Mohsen Dreeja, said during a televised interview for Libyan WTV channel and Tabadul Platform that changing currency exchange rate is a decision linked to the indivisible economic reforms, among which is the unification of the official exchange rates.
Mohsen Dreeja affirmed that there should have been a preliminary reduction estimated at LYD 4.25 , then a reduction estimated at LYD 4 , and another reduction at around LYD 3.75 until reaching LYD 2.75 or LYD 3 within a year or a year and a half.
“The exchange rate remained at only 4.5 dinars because there is no homogeneity in the State’s economic policies,” Dreeja said.
According to the economic analyst, changing the local exchange rate is one of the steps that should have been followed by a gradual reduction because the citizens’ purchasing power is measured by the dinar’s exchange rate.
Dreeja also stressed that the exchange rate’s gradual reduction and rationalized government expenditure could obviously improve the living standards.
According to Dreeja, the economic reforms are a series of measures and are not limited to one procedure or step. In other words, being restricted to a determined exchange rate is an incorrect procedure.
Moreover, Dreeja explained that the government and the Central Bank have neither an economic policy nor an economic reform.