Libyan Central Bank mulling reduction of taxes on dollar exchanges to curb smuggling

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The Libya Observer reports that the Central Bank of Libya (CBL) is considering to reduce 200% taxes on selling US dollars at the commercial banks to Libyans in coordination with the Presidential Council, a source at the CBL was reported by The New Arab.

CBL said the move aims at combating the current hike in exchange rates in Libya.

“The dollar will be at 3.5/3.6 Libyan dinars while the official rates remain at 1.33 Libyan dinars, and it comes as restrictions slapped since 2015 on selling dollar have been lifted by the CBL.” The source added.

The source quoted by the Libya Observer explained that the money of “fees” or “taxes” of the transactions will be going to the state treasury as it is so difficult to alter the current official exchange rate nowadays given the division of the institution and since the CBL governor cannot take such a decision on his own.

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