LIBYA’S central bank announced a 14.7 per cent devaluation of the dinar yesterday, setting the exchange rate at 6.3759 to the US dollar, the currency’s second such adjustment in less than a year, citing the nation’s political and economic turmoil.
The move follows a 13.3pc devaluation in April 2025, which had set the exchange rate at 5.5677 dinars to the US dollar.
In a statement, the Central Bank of Libya attributed the latest decision to the adverse effects of ongoing political divisions, declining oil revenues due to lower global oil prices, and persistent economic challenges. These include the lack of a unified general state budget and rising public spending.
The country has struggled to stabilise its economy and maintain consistent revenue flows amid fluctuating oil production and prices, which serve as the backbone of its economy.
Meanwhile, Libya was set to sign a strategic partnership with international firms yesterday to expand and develop the Misurata Free Zone, attracting an estimated $2.7 billion in investment, Prime Minister Abdulhamid Dbeibah said on X.
The agreements, which would be signed with Qatari, Italian and Swiss companies, would help the project generate operating revenues estimated at around $500 million annually.
“This project not only enhances Libya’s position among the region’s largest ports in terms of size and capacity, but it also relies on direct foreign investment within a comprehensive international partnership,” Dbeibah said.
Dbeibah said this partnership also reflects the government’s commitment “to attracting productive external financing to stimulate the economy, modernise infrastructure, and transform state assets into platforms for sustainable returns.”
Misurata is a port city some 200 kilometres from the capital Tripoli. Dbeibah said the project would create 8,400 direct jobs and around 60,000 indirect roles. It also would increase the terminal’s capacity to 4m containers annually, Dbeibah added.
The port extends over a vast area of 190 hectares, according to the Free Zone website.
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