Libya’s central bank is shutting down illegal foreign exchange markets to rescue the national currency and economy.
The Central Bank of Libya (CBL) has launched a major crackdown on unlicensed money exchanges and informal trade. Governor Naji Issa ordered security forces to close these “grey market” operations.
Officials blame these black markets for:
1. Money laundering and terrorism financing.
2. Severe devaluation of the Libyan Dinar.
3. Widespread illicit cash flows out of the country.
The Dinar has plunged to record lows, trading near 8.40 per U.S. dollar illegally. This worsens inflation, hurting citizens with high prices.
To fix this, the CBL will force all imports and exports through formal banks. This strategy aims to boost the Dinar’s value, stop illegal dollar demand, and restore liquidity to Libya’s struggling banking system.
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