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Fayez al-Sarraj announces individual decision to determine dollar exchange rate

The Address | Benghazi – Libya

TRIPOLI – Fayez al-Sarraj, head of the Presidential Council of the proposed Government of National Accord, announced today the determination of the exchange rate of the US dollar against the Libyan dinar to 3.90 dinars, within what he described as economic reforms.

The resolution, which was published on al-Sarraj’s media office Facebook page, said that determining the dollar exchange rate in Libya came after meetings between the Presidential Council and the Central Bank of Libya and the Audit Bureau in Tripoli.

The decision was based on consultations with the Finance Committee of the House of Representatives, and the Committee for the development of economic projects in the State Council with the Governor of the Central Bank of Libya, al-Sarraj said in the resolution.

Several economists earlier expressed concerns about the nature of the economic reforms al-Sarraj intends to implement. These reforms do not have the legal and legislative cover, financial experts told the Address. The Central Bank of Libya was not actually involved in these reforms due to the absence of the bank’s board of directors.

Only Sadiq al-Kabir was present in the meetings with the PC. Al-Kabir represents one vote of the bank’s board of directors.

Al-Sarraj also issued a resolution to determine the dollar exchange rate under his name only, without the approval of the other members of the Presidential Council, as the members of the Presidential Council were absent from participating in these decisions.

About half of the members of the Presidential Council announced their suspension in the Presidential Council due to the dominance of the militias, in addition to the al-Sarraj issuance of the individual decisions without the knowledge of the rest of the members of the Council, as they said.

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