20 Hrs
Source:
عين ليبيا
Eye Libya Network Questions Price Stability Amid Credit Line Launch
The article addresses the crisis caused by the rise in the dollar's price in the Libyan parallel market, despite the ongoing foreign currency sales by the Central Bank of Libya. It explains that the significant gap between the official rate (6.35 dinars per dollar) and the market rate—exceeding it by up to 40%—has turned the dollar into a financial asset that generates profits from the price difference. The primary reason for this, the article argues, is not a shortage of dollars, but rather mispricing and misallocation, along with access restrictions and sluggish policies that create additional demand for dollars to make profits, especially through speculation and saving. It emphasizes that the solution requires establishing a flexible and unified exchange rate close to equilibrium, simplifying import procedures, activating a comprehensive tracking system (ACI) to ensure that the dollars allocated for import reach their true destination, and reducing the price gap that fuels the parallel market. The article also notes that simply injecting more dollars will not lower parallel market prices unless policies are corrected and monitoring and pricing mechanisms are strengthened, alongside prudent public spending and the elimination of price disparities that encourage speculation.
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