The Libyan government’s Presidential Council (PC) has ordered the Central Bank of Libya (CBL) based in Tripoli to give the government 300 million dinars for the purpose of elevating some tension off Libya’s struggling economy.
The PC met on Monday with the Audit Bureau to discuss the details of a balancing fund that will enable the government to secure basic goods for the Libyan people.
On Monday, the Presidential Council and the Audit Bureau met and agreed on reopening the prices balance fund to provide the basic goods and foods for the Libyan citizen.
The order from the Libyan government outlines that the money will be taken from emergency funds and will be directed towards covering the cost of imported food and basic necessities in support of the Libyan market.
“The CBL must facilitate bringing the needed basic goods and foods with balanced prices for the citizens,” said the governmental order.
Some of the basic goods will be rice, sugar, flour, food, oil, tea, milk, powder, tuna cans, tomato paste, cheese and macaroni.
“The food will be sold (to) the Libyan consumers as per allocations by the coordinated work between municipalities and consumer selling points, with no more than 10% profit rate,” the statement said.
The Libyan dinar fell 7% in comparison to the US dollar this weekend and in the black market was trading for six dinars for one US dollar. The official currency conversion rate is 1.4 dinars to one US dollar.
The World Bank and leaders of powerful Western nations became involved in Libyan economic talks this month as politicians gathered along with technocrats to discuss the country’s economic situation. Meetings were held in Rome and London.
After the meetings, an announcement was made stating that a 2017 economic plan for Libya will be released by December 1. The details of the plan were not confirmed however there are speculations that it will likely include measures regarding support for the Libyan dinar and lifting of fuel subsidies.