Libya’s Central Bank approves new official exchange rate
by Samy Magdy, The Associated Press
Posted Dec 16, 2020 1:27 pm EDT
Last Updated Dec 16, 2020 at 1:28 pm EDT
CAIRO Libya’s Central Bank said its board has approved a single official exchange rate for its currency, the dinar, following its long-awaited meeting Wednesday.
The United Nations hailed the move as “important and much needed” amid a years-long conflict that crippled the economy of the oil-rich North African country.
The Central Bank of Libya’s board set the new rate at .48 dinars per U.S. dollar, according to a statement from the bank. It said the new rate would go into effect starting Jan. 3.
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