Libya's CBL Sets Fixed Exchange Rate of LYD Against Dollar

On Wednesday, the Board of Directors of the Central Bank of Libya (CBL) set a fixed exchange rate for the Libyan dinar against the US dollar.

According to a statement by the CBL, the bank’s board of directors unanimously approved the amendment of the value of the Libyan dinar against the special drawing rights unit (SDR) to reach 0.1555 SDR units per dinar, equivalent to 4.48 dinars to a dollar.

The statement pointed out that the board held its first meeting for the year 2020 to discuss the report submitted by the technical committee charged with studying options for adjusting the Libyan dinar exchange rate.

The statement pointed out that the new exchange rate will be applied to all governmental, commercial, and personal purposes and uses of foreign exchange, and that this will be effective as of January 3, 2021.

The statement confirmed that "a spirit of optimism, positivity and the interest of the nation prevailed in the work of the meeting."

It pointed out that the board of directors "will intensify its meetings during the coming weeks to enable it to take more decisions aimed at solving the problems and obstacles that the banking sector suffers from in a manner that achieves the sustainability of financial and monetary integrity, and in a way that contributes to reducing the suffering of the citizen."

On his part, former UN envoy to Libya, Ghassam Salame welcomed the CBL's decision to set a unified exchange rate for the dollar, despite the current differences and obstacles in the country.

On Tuesday, the United Nations Security Council approved a proposal by UN Secretary-General Antonio Guterres to name Bulgarian Nickolay Mladenov as the new special envoy to Libya, according to diplomats.

In a statement issued with the unanimous consent of its members, the council also called for the immediate removal for all mercenaries and foreign fighters from Libya, the Council

"We called for the withdrawal of all foreign fighters and mercenaries from Libya, in line with the ceasefire agreement reached by the Libyan parties on October 23, the commitments of the participants in the Berlin conference in January, and the relevant UN Security Council resolutions," the UNSC said.