Energy Markets
Libya devalues its currency for the first time in 4 years
Libya's central banks announced on Sunday a 13.3% drop in the value of its dinar currency, putting the rate at 5,5677 dollars to the dinar. This is the first devaluation official since the bank agreed on a devalued rate of 4,48 dinars per dollar in 2020. The current parallel market exchange rate for dinars is 7.20 dinars per dollar. The black market for the dinar fell against the dollar in September of last year due to a crisis involving the central bank, which slashed the oil production and exports. Later in September, the crisis was resolved following an agreement between...