20 Hrs
Source:
عين ليبيا
Libya's widening dollar gap
The Libyan market is facing a severe foreign currency crisis, with the gap between supply and demand reaching approximately $5 billion due to increasing demand for foreign currencies and rising government spending. This is largely because of the heavy reliance on oil to fund the budget, with oil accounting for about 95% of revenues, and the country depending on imports for around 90% of goods, which heightens the demand for U.S. dollars. As a result, prices for goods and services have risen by up to 40%, leading to a deterioration in citizens' purchasing power. Experts are proposing the formation of a technocratic government, the unification of fiscal policies, and reductions in spending as measures to confront the crisis and ease inflation.
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