Libya's Power Crisis Fuels Dollar Exchange Rate Surge
The black-market exchange rate of the US dollar reached LD 8.80 in Libya on July 22, due to widespread demonstrations against power cuts. This marks a significant increase from the previous rates of LD 8.55 on July 21 and LD 8.49 on July 16.
The protests are linked to an acute power crisis caused by extreme heatwaves and power cuts that have lasted up to 12 hours in some areas. The demonstrators, including frustrated youth, have stormed government ministries and the Mellitah Gas Complex, putting pressure on Prime Minister Abdel Hamid Aldabaiba.
According to the source, Governor Naji Issa of the Central Bank of Libya had vowed to bring the black-market exchange rate under LD 7 per dollar. However, the rising temperatures and power cuts have instead led to an increase in the price of most imported goods, further burdening the Libyan consumer.