Libya Cuts Tax on Foreign Currency Purchases by 7%

The spokesman for the Libyan House of Representatives Abdullah Blihaq said that the Speaker of the House Aguila Saleh issued a decision to reduce the tax imposed on the official exchange rate of foreign currencies purchases by 7% to reach 20% from 27%, in a statement to Reuters.

The text of the Speaker of the House of Representatives’ decision stated that the revenue generated from the tax is used to cover the expenses of development projects or is added to the specialized resources of the Central Bank of Libya to pay off the public debt.

It is noteworthy that the delegations of the two legislative bodies in eastern and western Libya signed an agreement on Thursday, September 26, during talks organized by the United Nations, to resolve the crisis of the leadership of the Central Bank, which includes appointing an interim governor for the bank and his deputy.

The agreement between the House of Representatives in Benghazi and the Supreme Council of State in Tripoli included nominating the Director of the Department of Monetary and Banking Control at the Central Bank of Libya, Naji Muhammad Issa Belqasim, as the interim governor of the bank.

(1 USD recrods 4.79 libyan dinar)