23 Hrs
Source:
عين ليبيا
Libyan economy under scrutiny
The article discussed the economic situation in Libya, where the country is facing increased pressure on foreign currency and a heavy reliance on imports. The Central Bank and the Dar al-Ifta are continuing their discussions regarding the legitimacy of foreign financing tools. The Shariah board of the Central Bank of Libya endorsed the validity of currency exchanges for personal purposes and absolutely speculative deposit certificates after a technical and Shariah review, while the Dar al-Ifta questioned their legality, raising questions about the legal authority between the two entities. On another note, experts warned that Libya’s dependence on external sources for food and medicine should be maintained, calling for increased local production. They also forecasted that the market would be affected due to pressures on foreign currency reserves, with commercial banks’ foreign currency usage reaching $17.33 billion by the end of August 2026—an increase of 0.9% compared to the previous year—amid rising economic pressures and international challenges.
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