Libyans grapple with fresh currency devaluation

Libyans are experiencing a significant decline in purchasing power due to a 13.3% devaluation of the Libyan dinar, driven by rising public expenditures from rival governments amid ongoing political turmoil since the 2011 uprising. With Libya’s economy heavily reliant on imports and oil exports, the devaluation has led to immediate cost increases for businesses and worsened living conditions for citizens, prompting calls for urgent economic measures from the UN. Experts argue that the central bank, often blamed for the crisis, is a victim of political mismanagement and fiscal irresponsibility by the ruling factions.