The government appointed by the representatives: All denominations of the Libyan currency are normally tradable.
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Benghazi, February 27, 2024 (LANA) - The government appointed by the House of Representatives said that the refusal of some shops and commercial centers to accept the Libyan currency in denominations of (50) dinars from citizens is criminalized by law, and affects the national economy.
This came in a statement issued yesterday, saying that it was to clarify the matter for everyone regarding the confusion that prevailed among people regarding the circulation of the fifty dinar currency.
This case was attributed to “the letter addressed by the Governor of the Central Bank of Libya to the members of the Finance Committee of the House of Representatives, in which he refers to studying the process of withdrawing the fifty-dinar note in its various issues from circulation.”
The government said that “the decision to issue denominations of currency and withdraw them from circulation” is made in accordance with applicable legislation and the Banking Law is within the jurisdiction of the Governor of the Central Bank and his deputy, “and must be issued with their approval” and its implementation must be preceded by “a warning and a time period of no less than six months until the currency is permanently withdrawn from circulation, and this did not happen" .
"The information circulating among citizens currently has no legal or procedural basis in accordance with the legislation in force, and rejecting the legally circulated currency is a crime punishable under the Libyan Penal Code, and affects the national economy and commercial circulation among people, especially since we are on the cusp of the month of Ramadan."
At the conclusion of its statement, which it published on its Facebook page last night, the government reassured everyone that all denominations of the Libyan currency are normally negotiable, whether between individuals, banking institutions, or public entities.
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