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Source:
عين ليبيا
Source: عين ليبيا
2 Hrsعين ليبيا
Source: عين ليبيا
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Businessman Hosni Bey said that current-account surpluses and growth in foreign-exchange reserves had not protected the Libyan dinar from falling on the parallel market, because currency stability is also affected by monetary expansion, imbalances in public spending, and restrictions on access to dollars. He pointed to waves of growth in the money supply and estimates that the value of currency printed in Russia reached around 20 billion dinars between 2017 and 2022, with the cumulative total rising to about 30 billion by the end of 2024. He called on the Central Bank of Libya to verify whether this currency is included in the official data. He noted that oil and gas account for about 93% of state revenues, and proposed that sustainable revenues should cover at least 93% of consolidated public spending. He also called for an end to deficit financing through money issuance, tighter spending controls, and the unification of public finances and the foreign-exchange market. He concluded that fixing the official exchange rate by administrative decree is not enough to stabilize the dinar; protecting its purchasing power requires addressing fiscal and monetary imbalances and increasing production.
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