Libya cuts tariffs to compensate for dinar devaluation
In an attempt to offset a recent 51 percent devaluation of the Libyan Dinar, the Libyan government slashed customs duties by 50 percent on consumer goods entering the country. Libya’s national currency was reduced from 0.65 dinars to 1.3 dinars to the dollar in an attempt to disintegrate the country’s black market and encourage currency transfers, confirmed central bank officials.
In August 2001, the government commenced preparations for a five-year plan, to be launched in 2001 through 2005, according to Al-Ittihad daily. So far, $35 billion funds have been allocated to this plan, which are to be provided by the national budget. Libyan sources added that the new plan would consist of projects in various fields including harbor construction, road and airport expansion, and investment in education. — (menareport.com)
© 2002 Mena Report (www.menareport.com)