The Tripoli based Libyan Minister of Economy and Trade, Mohamed Al-Hwej, today relented to protests by businesses through the various chambers of commerce by ordering the release of goods stuck in ports for about six months. These have been paid for through hard currency purchased on the black-market. The CBL is attempting to reduce the black-market rate of the US dollar, currently at about LD 7.30 to the dollar. This gap is filled by smaller traders who fill the market – through hard currency purchased on the black-market. The route of the problem is that demand for hard currency is higher than the supply offered by the CBL.

Source: Libya Today March 11, 2024 20:28 UTC