3 days ago
Economy Ministry warns against speculation on the Dinar, assures gradual stability of exchange market
The Ministry of Economy and Trade in Libya's Government of National Unity issued an official warning on Sunday, cautioning against engaging in speculative activities targeting the Libyan dinar exchange rate. The ministry stressed that such practices would only lead to losses, citing similar outcomes observed over the past five years.
In its statement, the ministry stressed that Libya's financial position remains robust, rendering speculative attempts ineffective. It added that the Central Bank of Libya (CBL), in coordination with relevant economic authorities, is moving ahead with a comprehensive monetary restructuring plan, expected to be officially launched at the beginning of the fourth quarter of this year.
The ministry noted that recent fluctuations in parallel market exchange rates do not reflect actual foreign currency demand. Instead, they stem from manipulation involving old banknotes being withdrawn from circulation, leading to the emergence of a secondary market that distorts the real exchange rate.
The statement also referenced an official letter from the Central Bank Governor to the Minister of Interior, dated 23 June 2025, which granted formal authorization to more than 132 currency exchange offices and companies. These entities are expected to begin operations soon as part of a broader effort to organize the exchange market and gradually dismantle the parallel market. The ministry vowed to draft an upcoming list of newly approved companies.
Additionally, the ministry revealed that monetary authorities are preparing to launch a new financial product aimed at directly reducing prices in the informal market and encouraging transactions through legal channels only.
The Ministry of Economy and Trade urged citizens, importers, and traders to exercise caution, warning against heeding rumors or unofficial advice in the currency market. It emphasized that economic stability is a shared responsibility, beginning with public awareness and ending with the strict enforcement of official policies.
