The Central Bank’s board of directors, appointed by the Presidential Council and headed by Abdel Fattah Ghafar, issued a decision on Monday to cancel the tax increase on the official exchange rate.

Earlier this year, the House of Representatives had issued a decision to lift the tax on the exchange rate, which raised the dollar price at the Central Bank to 6.20 Libyan dinars. Meanwhile, the parallel market saw a significant rise in the dollar’s value against the dinar, exceeding 8 dinars.

Following the announcement of the decision to cancel the tax, the exchange rate in the parallel market witnessed a sharp drop, recording 6.50 dinars in the black market.