Libya devalues dinar by 14.7pc

TRIPOLI: Libya’s central bank announced a 14.7 percent devaluation of the dinar on Sunday, setting the exchange rate at 6.3759 to the US dollar, the currency’s second such adjustment in less than a year, citing the nation’s political and economic turmoil.

The move follows a 13.3 percent devaluation in April 2025, which had set the exchange rate at 5.5677 dinars to the US dollar.

In a statement, the Central Bank of Libya attributed the latest decision to the adverse effects of ongoing political divisions, declining oil revenues due to lower global oil prices, and persistent economic challenges. These include the lack of a unified general state budget and rising public spending.