Libya GNA cuts fee on hard currency sales to 163%

Alwasat - Cairo Wed 31 Jul 2019, 09:31 PM
alwasat radio

Libya’s Government of National Accord in Tripoli (GNA) will cut the fee it levies on sales of hard currency to 163% from Aug. 4, it said on Tuesday.

The GNA set the fee at 183% in September, effectively devaluing the Libyan dinar to bridge the conversion gap between the official and far bigger black market.

The gap has undermined Libya’s oil-dependent economy, contributing to a liquidity crisis and fomenting corruption as armed groups with access to dollars at the official rate make huge profits through import scams.

Libya earned 11.1 billion Libyan dinars ($7.9 billion) from the transaction fee in the first six months of this year, according to central bank figures.

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