23 Hrs
Source:
عين ليبيا
Libyan economy insights from expert
The article addresses the economic situation in Libya, where economic expert Ahmed Al-Khamisi warned of ongoing challenges facing the Libyan dinar and the foreign exchange market. He pointed to pressures on the local currency resulting from increased demand for foreign currency and expanded government spending without economic growth, which threatens the stability of the dinar. He also noted that liquidity outside banks has increased by more than 70 billion Libyan dinars, and inflation has worsened, reaching 8.6% in the first quarter of the year, due to weak coordination between fiscal and monetary policies, as well as rising spending and liquidity. The article also discusses electronic payment issues, emphasizing the need to assess their true impact on economic activity. It criticizes the practices of exchange companies and predicts high costs associated with increasing oil production to two million barrels per day, with estimates ranging from $17 billion to $36 billion, raising questions about the reasons behind this disparity. Al-Khamisi explained that the housing crisis requires a comprehensive system that includes planning, infrastructure, and financing. He warned against relying solely on financing without strategic planning, criticizing the absence of officials during periods of crisis and stressing the importance of responsibility and continuous efforts to address Libya's economic challenges.
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