TRIPOLI, July 26 (Xinhua) -- The Central Bank of Libya on Sunday announced a set of measures to support exchange rate stability, including a 2-billion-U.S.-dollar injection to finance letters of credit and personal foreign currency allocations.
According to the central bank's statement, 1 billion dollars will go toward letters of credit, while another 1 billion dollars will be allocated for personal foreign currency and travel bookings through the bank's electronic platform at the official exchange rate.
The central bank will also launch the first phase of its August liquidity plan, injecting 5 billion Libyan dinars (about 777 million U.S. dollars) into commercial banks to meet public cash demand, the statement said.
It also pledged to address obstacles in electronic payment services and ensure the continued efficiency and reliability of payment systems.
The central bank introduced its online foreign currency booking system on Jan. 28, as part of efforts to curb demand in the parallel market and narrow the gap between the official and parallel exchange rates. It allows Libyan citizens aged 18 and above to purchase up to 2,000 dollars every six months at the official exchange rate through commercial banks.
The new measures come amid ongoing pressure on Libya's foreign exchange market, where the official rate stands at about 6.43 Libyan dinars per U.S. dollar, compared to around 8.65 dinars on the parallel market.
