Al Jazeera English published this video item, entitled “Libya approves new exchange rate in a bid to save economy” – below is their description.
The devaluation of Libya’s currency has taken effect, a move that is hoped will help the economy.
The Central Bank has agreed to a devalued exchange rate of 4.48 dinars to the US dollar.
While the official rate was 1.34 dinars, a lack of availability of US dollars in banks created a black market, on which it currently trades at 5.1 dinars.
Exchange rates have varied across the country because of conflict, the black market and banknotes printed abroad.
Al Jazeera’s Malik Traina reports from Misrata, considered as Libya’s economic hub.
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Al Jazeera English YouTube Channel
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In This Story: Libya
Libya, officially the State of Libya, is a country in the Maghreb region in North Africa, bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad to the south, Niger to the southwest, Algeria to the west, and Tunisia to the northwest.
The sovereign state is made of three historical regions: Tripolitania, Fezzan and Cyrenaica. The largest city and capital, Tripoli, is located in western Libya and contains over three million of Libya’s seven million people. The second-largest city is Benghazi, which is located in eastern Libya.
Libya became independent as a kingdom in 1951. A military coup in 1969 overthrew King Idris I. Parts of Libya are currently split between rival Tobruk and Tripoli-based governments, as well as various tribal and Islamist militias.
Libya is a member of the United Nations (since 1955), the Non-Aligned Movement, the Arab League, the OIC and OPEC. The country’s official religion is Islam, with 96.6% of the Libyan population being Sunni Muslims.
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