Libya unveils $2 billion plan to stabilize foreign exchange markets

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Banknotes of the 50 Libyan dinar denomination are pictured around a $100 banknote, in Tripoli, capital of Libya, April 17, 2025. /CFP

Libya's central bank Sunday announced a series of measures to stabilize the Libyan dinar and ease pressure on foreign exchange markets, including allocating $2 billion for imports and personal foreign currency transactions.

Following a meeting chaired by Central Bank Governor Naji Issa, the bank said it will allocate $1 billion during the coming week to finance letters of credit for imports and another $1 billion for personal foreign exchange transactions through its electronic platform. Commercial banks will also extend operating hours for over-the-counter US dollar sales.

The central bank also approved the first phase of its August cash liquidity plan, which will inject over $780 million into commercial banks to meet growing demand for cash.

The measures come amid volatility in the dinar's parallel market exchange rate, with authorities also pledging to improve access to foreign currency, speed up import financing and strengthen Libya's electronic payment systems.

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