Libya devalues currency as public spending soars
Declining oil revenues and excess demand for FX have eroded reserves, central bank says
The Central Bank of Libya (CBL) devalued the dinar on April 6 as declining oil revenues and spending by the country’s two rival sets of authorities had caused it to draw down its foreign exchange reserves.
The bank announced on a Facebook post that it was devaluing the dinar by 13.3% against foreign currencies. The currency, it said, was now worth 5.56 dinars against the dollar, from the previous 4.48 dinars.
In a separate statement released on the same day, the CBL said spending by Libya’s two
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