Parallel Dollar Exchange Rate Hits 6 Dinars
A currency trader confirmed to our source on Monday evening that the dollar exchange rate continued its insane rise, breaking the barrier of 6 dinars per dollar, for the first time in a long time, without clarifying the actual reasons for this rise.
The dollar exchange rate has witnessed remarkable stability for some time, and the price ranged between “5.10 and 5.30” dinars per dollar, throughout the nine months of the current year 2023, before it began to rise significantly during the second half of October, recording a price of 5.60 dinars per dollar by the end of the month. .
At the beginning of the current November, the exchange rate in the parallel market continued to rise, reaching 6 dinars to the dollar. This value was not reached for a long time, especially in light of the stability of the security situation in the country and the continued normal flow of oil.
Al-Ghwil Reveals: Why the Exchange Rate is Surging
The head of the Competition and Antimonopoly Council, Salama Al-Ghwil, said in a special statement to our source that the reason for the rise in the price of the dollar in Libya is that the government lacks the ability of making political and economic decisions on the country, the monopoly of some merchants on private contracts with the state, and the lack of control over the economic, political and commercial relationship between Libya and other countries.
He explained that speculation among merchants is to achieve a gain by selling the currency and buying it back at a certain price to achieve a financial gain. Furthermore, there is no real control over the market, and this increases the price of the dollar’s
Al-Ghwil added that the rise in US interest rates, the rise in the price of the dollar, leads to an increase in the cost of imported goods, and may contribute to high inflation rates and a decrease in the purchasing power of citizens.