TRIPOLI, Nov. 15 (Xinhua) -- The Central Bank of Libya on Tuesday proposed a package of financial, economic and trade reforms to end the country's economic crisis.
The bank's Governor Seddiq Al-Kabir told reporters that the package included a revision of the Libyan dinar's exchange rate against foreign currencies, a review of the fuel policy, and reconsideration of trade policies such as tariffs.
Al-Kabir also said the proposed package was a result of five months of research by the bank's Research and Statistics Department with a group of economic and financial experts and specialists from various state institutions.
The proposed new exchange rate would allow a fluctuating range of the dinar against the U.S. dollar, Al-Kabir said, adding that the final price may be determined later "after the reform package is approved by legislative authorities and supported by executive authorities."
"The activation and success of these reforms require joint efforts. The parliament must adopt the reforms and protect them. We are in a difficult economic and financial situation. We raise the red flag," Al-Kabir noted.
Libya has been experiencing an unprecedented economic and financial crisis since the fall of Gaddafi's regime in 2011, as conflicts hit its oil exports, almost the only significant generator of its foreign reserves revenue and national income.
Local currency has declined against foreign currencies and local banks lack funding.
