Libya’s Central Bank said its board has approved a single official exchange rate for its currency, the dinar, following its long-awaited meeting Wednesday. The Central Bank of Libya's board set the new rate at .48 dinars per U.S. dollar, according to a statement from the bank. Libya currently has two official exchange rates and a black-market rate. With the largest proven oil reserves in Africa, Libya’s oil and money are strategic assets that have fueled conflict. The official exchange rate in western Libya is at 1.34 dinars to one U.S. dollar.

Source: The North Africa Journal December 16, 2020 19:41 UTC