2024-04-14 17:23:32
Download a. Muhammad Darmish, researcher on Libyan affairs. The Central Bank of Libya is primarily responsible for the decline in the exchange rate of the Libyan dinar and the scarcity of liquidity.
A said. Darmesh, in an exclusive statement to “Ain Libya,” said that the Central Bank “did not fulfill its role assigned to it by Law No. (1) of 2005, which enables it to maintain the stability of the exchange rate by using its various tools.”
A confirmed. Darmish said that the bank “is capable at any time and place, and unfortunately it is repeating the same previous decisions and behavior by reducing the value of the Libyan currency, despite the fact that the country’s financial position is very good and its excellent economy does not suffer from scarcity of resources.”
A. was considered Darmish, in his statement, said that the failure of the Central Bank to develop a vision for liquidity management using its various tools has caused the problem of scarcity of liquidity in Libyan banks, and the inability to meet demand, whether for merchants, industrialists, or individuals, despite the abundance of resources and capabilities.
In response to a question from “Libya Eye” about the parties that bear responsibility regarding the state of the Libyan economy, A. considered: Darmesh said that the responsibility lies primarily with the legislative authorities (the House of Representatives, the Supreme Council of State) as supreme oversight bodies, as well as the oversight bodies affiliated with them (the Audit Bureau, the Administrative Oversight, the Anti-Corruption Commission) and civil society institutions.
A said. Darmesh said that the responsibility falls in the second degree on the Central Bank of Libya, and in the third degree on the government as an executive body.
A. presented. Darmish gave a historical account of the movement of the exchange rate and the management of Libyan resources, in which he showed how the measures were inadequate and caused the erosion of the value of the Libyan currency in stages since 1999, without the authorities authorized by law being able to find a financial and economic formula that would preserve the strength of the Libyan economy, which is rich in resources, especially oil.
A. presented. Darmesh described solutions and proposals that he said would help decision-makers control the chaos of the financial market and curb the decline in the value of the currency. He also explained the effects of the decline of the national currency on industrial imports, costs, prices, and industrial exports. “Libya Eye” will supply them in independent news, hoping they will find listening ears. To whom it may concern.
Last updated: April 14, 2024 – 18:09
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2024-04-14 17:23:32