Libya's central bank governor on Tuesday devalued the dinar currency and asked parliament's speaker to approve a new unified government, expanding his challenge to the prime minister in Tripoli. Disputes over control of government and access to Libya's state finances have often been at the heart of factional rivalry that has ripped the North African country apart since a NATO-backed uprising in 2011. The previous exchange rate, set by the central bank in December 2020 after years of different exchange rates operating in areas of Libya controlled by rival factions, was 4.8 dinars to the dollar. His move comes after months of the dinar slipping in value against the dollar, with Kabir last week blaming off-the-books spending by state institutions and asking for a unified national budget. As Libya’s duelling governments and allied militias compete for control of the country, pollution has flooded the coast.

Source: Libya Today March 06, 2024 03:01 UTC