Libya’s central bank devalued the country’s currency by 13.3 per cent on Sunday amid ongoing fiscal strain.
The exchange rate for the dinar has now been set at 5.5677 to the US dollar, effective immediately.
This marks the first official devaluation of the currency since 2020 when the rate was 4.48 to the dollar.
Meanwhile, the dinar continues to trade at a much lower rate on the black market.
This rate has been volatile in recent months following a power struggle over control of the central bank that slashed oil production and exports.
The crisis was resolved with…
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