The Central Bank of Libya (CBL) is calling for a renewed crackdown on black-market currency traders as the price of the dollar rises again.
On 11 May, in a letter leaked to the Libyan media, CBL Governor Naji Essa addressed the Minister of the Interior and the heads of the Internal Security, Criminal Investigation, and Municipal Guard agencies to take more decisive action against unofficial foreign exchange dealers. He urged them to take immediate legal action to close all shops, companies, and offices that have not been granted final authorization to conduct foreign currency exchange activities by the CBL, and to punish anyone dealing in foreign currencies outside the official sector. The Governor also called for the closure of all electronic applications and WhatsApp groups used by these companies and for combating these practices – by all means.
It comes as the price of the dollar on the black-market exchange rate has risen over 8 LYD once more, after several weeks of hovering just below 8 LYD. As of 11 May, the dollar was 8.25 LYD on the black market. The official rate is around LYD 6.34 to 1 USD.