22 Hrs
Source:
عين ليبيا
Source: عين ليبيا
22 Hrsعين ليبيا
Source: عين ليبيا
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The article discusses the deterioration of the economic situation in Libya, focusing on the wide gap between the official exchange rate of the dollar and the rate in the parallel market, and its impact on the economy. Leading economists highlight the reasons for this gap, including smuggling operations and disruptions in the currency market, with the gap estimated to range between approximately 65 to 70 billion dinars. This situation creates lucrative opportunities for speculators and increases pressure on the national currency. They also emphasize the importance of addressing the problem by approving an exchange rate that covers a significant portion of government spending and providing direct cash support to citizens instead of subsidizing prices of goods, to reduce opportunities for smuggling and exploitation. Regarding oil, experts warn that current production levels, around 1.43 million barrels per day, must be increased, especially with plans to raise production to two million barrels daily. They stress the necessity of increasing output to compete globally, particularly as countries like Iraq move to boost their production. The article concludes that high government spending combined with limited stability in oil production threatens fiscal sustainability in the future, especially as the value of the dinar continues to decline and the dollar in the parallel market reaches about 9.56 dinars, compared to the official rate of 6.39 dinars in September.
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