New exchange rate comes into use in Libya

A new exchange rate has come into effect in Libya after the Central Bank of Libya agreed upon it in the last month. 

The Central Bank of Libya (CLB) had decided that the exchange rate of Libyan dinar against the U.S. dollar will be lowered from 1.4 dinars for one dollar to 4.48 dinars “This rate will enter into force on Jan. 3, 2021, and will be available for all government, commercial and personal uses,” the CLB had then announced. 

Libya continues to be in economic turmoil due to a prolonged crisis between two factions. 

Photo Credit : https://en.wikipedia.org/wiki/Central_Bank_of_Libya#/media/File:Central_Bank_of_Libya.jpg