Financial and Banking News

Financial Policy

Libya Introduces Split Exchange Rate

The Libyan Central Bank has introduced a new exchange rate which will beapplied to some imports and to local and foreign travelers' checks. Theannouncement of the new rate came one week after the official rate was devaluedby about 19%. The new official rate is SDR1=LD0.525 compared to the old rate ofSDR1=LD0.414. This is currently equivalent to $1=LD0.347, compared to recentrates of...