Businessman Husni Bey said in a statement to our source on Sunday evening that it is unfortunate that the Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, denies the reality of stagflation in Libya.
Husni Bey explained that the growth or decrease in the sale of foreign exchange is a secondary indicator and not a primary indicator for measuring growth or economic stagnation and inflation, adding that the sale of foreign exchange during the seven months of this year decreased by approximately 13% and did not rise, as Dbeibeh claimed, compared to the 2021 rate.
He continued by saying that “by comparing the month of July 2022 with the month of July of last year. We find that the decrease is close to 39%, indicating that the same rate of decrease applies to the sale of foreign exchange through “Visa, MasterCard and Western Union” cards used to cover “online” purchases, according to what Dbeibeh claimed.”
Bey concluded his speech by saying: “My advice to Mr. Dbeibeh is that acknowledging the existence of the crisis represents 50% of the solution.” On the other hand, the denial of the crisis, as Dbeibeh claimed and justified, may be the path leading to economic collapse despite the high rates of oil and gas exports, because the economy and its performance are not limited to the rates of oil production and export and oil revenues, not on the rates of selling foreign exchange.