Dbaiba: We need a unified monetary policy.

Tripoli, August 5, 2025 (LANA) – The Prime Minister of the Government of National Unity, Abdul Hamid Dbaiba, said that granting licenses to official exchange companies represents an important step towards regulating the foreign exchange market through legal and secure channels, under the direct supervision of the Central Bank of Libya. This ensures fairness and facilitates access to foreign currencies for all economic actors—from micro-enterprises to large companies—as part of a policy aimed at supporting the national economy.

Dbaiba explained, in a tweet on the X platform on Tuesday, that the government is fully aware of the dangers of the parallel foreign exchange market and the negative effects it causes on the national economy and citizens' purchasing power, as it is an illegal channel sometimes used for money laundering operations, which directly threatens the financial system.

He pointed out that security solutions alone are insufficient to address this crisis, emphasizing that radical reform begins with regulating the foreign exchange market on legal, transparent, and fair foundations. This would put an end to the chaos that has accumulated as a result of previous conflicts between governments and the Central Bank of Libya. These conflicts led to the suspension of credits and unilateral changes in currency selling policies, forcing citizens to enter the parallel market—voluntarily or by force—using household cards and personal items.

The Prime Minister explained that the worsening parallel market is the result of the absence of unified economic policies and the Libyan economy's exposure to major shocks, most notably the oil shutdown, parallel spending, and the printing of currency outside official frameworks. These shocks have flooded the market and deteriorated trust between the state and society.

Dbaiba concluded his tweet by emphasizing that building a unified, transparent, and stable exchange rate system is the cornerstone for eliminating the parallel market and restoring confidence in monetary policy, avoiding unilateral measures that deepen the crisis rather than resolve it.

=Lana=