Libya's oil and gas revenue dropped by 92% last year, the central bank said on Wednesday, after most exports were stopped by a months-long blockade by fighters in the civil war.
By Reuters Staff
3 Min Read
TRIPOLI/BENGHAZI, Libya, Jan 3 (Reuters) - The Central Bank of Libya on Sunday introduced a new unified exchange rate agreed last month after years of division between rival branches based on opposing sides of the front line.
As part of the change, the internationally recognised Government of National Accord (GNA) in Tripoli suspended a fee on foreign currency transactions that it introduced two years ago to bring the official rate closer to the black market rate.
The Central Bank of Libya board agreed the new rate of 4.8 dinars to the United States dollar last month in its first full meeting for five years after splitting as the country divided between western and eastern factions.
Peril at sea, danger on shore for migrants trapped in Libya By Zaw Naing Oo
Migrants settle in Libya after failing to reach Europe
TRIPOLI/BENGHAZI, Libya (Reuters) – When Abdullah boarded an inflatable boat crammed with fellow migrants in February he thought he would finally reach Europe after braving the dangers of a Sahara crossing and Libya’s civil war.
The 27-year-old from Niger knew the voyage ahead was risky. The Mediterranean waters between Libya and Italy have claimed thousands of lives in recent years as people sought a better life in richer, safer countries.
After only two hours at sea, naval vessels turned back the small flotilla of smuggling boats, returning Abdullah to the Libyan mainland where he had faced violence and abuse.
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