Libya's Economic Reform: Dollar and Black Market
Economic experts and analysts in Libya have proposed a series of measures to address the declining value of the Libyan dinar, regulate commodity prices, and combat market manipulation. Economic expert Nadhim Al-Tayari recommended forming a joint committee comprising the Ministry of Economics, the Central Bank, security agencies, and the Local Guard to monitor traders and companies benefiting from foreign currency allocations, and to set commodity prices based on global prices and stock exchange rates. He also suggested establishing an mechanism to determine commodity costs and profit margins, as well as implementing legal actions against companies selling at black market prices to deter manipulation. On another note, businessman Hosni Bay warned that economic development requires increasing added value rather than relying on rents, highlighting that price gaps remain the main cause of speculation and smuggling. Additionally, media figure Ahmed Senusi criticized the collapse of the dinar’s value, cautioning that current policies could lead to an even greater breakdown. He also condemned government spending on unnecessary matters and pointed out the absence of sufficient response to basic needs in the healthcare sector.
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