Libyan liquidity crisis eases after exchange rate shift
LIBYA’S currency adjustment last month has helped ease a liquidity crisis across the country but the continued scarcity of cash dollars means the black market still thrives. Libya has been split since 2014 between warring western and eastern administrations with rival factions seizing control of key economic institutions. As the eastern banking system was cut off from the Central Bank of Libya (CBL) in Tripoli, different black market exchange rates emerged across front lines, both very different to the official rate, and making dollars unaffordable to most Libyans. As part of an economic track of a U.N.-led peace process that…