Libyan currency drops precipitously as country suffers from insecurity and lack of revenues
(November 20) Yesterday the Libyan dinar fell more than seven percent against the US dollar. On the black market the Libyan dinar surpassed the six to one ratio for the time time, trading at 6.2 dinars to one U.S. dollar.
|The Prime Minister of the UN-backed Government of National Accord (GNA), Faiez Serraj blamed the collapse of the dinar on Saddek Elkabir, governor of the Central Bank of LIbya(CBL). A spokesperson for the bank, Essam al-Oul, disputed the charge, claiming that the CBL had nothing to do with the decline: “What happened today is the logical result of different factors including the decrease in oil exports and international prices, the sharp political splits and civil war which has torn the country apart, the chaos from the absence of security, in addition to the freezing of the operations of some important government bodies such customs and anti-smuggling organizations”. Oil exports have actually been increasing not decreasing. Some of Serraj's difficulties surely stem from the CBL not providing sufficient funds for the GNA government.|