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🛒 تسوق الآنCentral Bank of Libya Demands Shutdown of Unlicensed Exchange Offices and Prosecution of Currency Speculators
Central Bank of Libya Demands Shutdown of Unlicensed Exchange Offices and Prosecution of Currency Speculators
The Governor of the Central Bank of Libya, Naji Issa, has issued urgent calls to the country's top security and law enforcement officials demanding the immediate closure of all unlicensed currency exchange offices and the prosecution of individuals engaged in foreign currency speculation on the parallel market. The move signals a major escalation in the bank's efforts to stabilize the Libyan dinar and bring the informal economy under regulatory control.
Main Facts and Key Details
In official letters addressed to the Minister of Interior, the Head of the Internal Security Agency, the Head of the Criminal Investigation Agency, and the Head of the Municipal Guard, Governor Naji Issa outlined a series of measures targeting unlicensed exchange operations across the country. The letters warned that speculation in foreign currencies and the Libyan dinar on the parallel market has become a serious threat to the national economy. The Central Bank confirmed it had monitored numerous shops, companies, and individuals carrying out unauthorized exchange activities, including the publication of exchange rates on social media platforms, electronic applications, and WhatsApp groups. The governor classified the use of such digital platforms for unauthorized currency trading as electronic crimes that must be combated and curbed. The bank also announced it has begun linking licensed exchange companies and offices to its central system and stated that it is providing US dollars and foreign currency in cash to all citizens through official banking channels.
Reactions and Context
The Central Bank's move reflects growing concern over the widening gap between the official and parallel market exchange rates, which has placed enormous pressure on the value of the Libyan dinar. Economists have long warned that the proliferation of unlicensed exchange operations undermines monetary policy and fuels inflation. The bank emphasized that it has made banking services available through commercial channels, enabling small traders and craftsmen to import goods through official and legal means that comply with anti-money laundering and counter-terrorism financing standards. The governor stressed that leniency toward informal exchange activity is no longer logical given the scale of economic damage it has caused. The bank further urged authorities to investigate the funds held by unlicensed shops and verify the sources of money in accordance with existing laws and regulations.
Challenges and Outlook
The success of this crackdown will depend heavily on the willingness of security agencies and municipal authorities to enforce the bank's directives on the ground. Libya's vast informal economy, which has operated for years with minimal oversight, presents a significant enforcement challenge. The closure of WhatsApp groups and electronic applications used for currency speculation will also require coordination with telecommunications regulators. If implemented effectively, the measures could help narrow the gap between official and parallel market rates, restore confidence in the banking sector, and bring more foreign currency circulation into the formal economy. However, analysts caution that without addressing the root causes of dollar scarcity and improving liquidity in official channels, the parallel market is likely to persist in some form.
The Central Bank's decisive action marks one of the most direct interventions in Libya's currency crisis in recent months, and its outcome will be closely watched by citizens, businesses, and international observers alike.
