Libya Central Bank Board Approves New Official FX Rate

The board of Libya’s central bank on Wednesday unanimously approved a single official exchange rate for the dinar, in its first joint meeting in five years amid efforts to fix an economy ravaged by nearly a decade of conflict.

The new rate was set at 4.48 dinars per U.S. dollar, the bank said in a statement on its Facebook page The move unified two different official exchange rates. The new rate goes into effect on Jan. 3, it said, describing the meeting as one marked by “the spirit of optimism” and the “prioritization of the national interest.”

The meeting was a milestone for the rival central banks in the west and east of the country, and came after talks earlier in the week that grouped economic policy makers, as well as the World Bank, the U.S. and others.

Until this decision, the different official rates, as well as the black market rate, had wreaked havoc with national budgets and the vital oil sector.

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