The Central Bank of Libya on Sunday introduced a new unified exchange rate agreed last month after years of division between rival branches based on opposing sides of the front line.
As part of the change, the internationally recognised Government of National Accord (GNA) in Tripoli suspended a fee on foreign currency transactions that it introduced two years ago to bring the official rate closer to the black market rate.
The Central Bank of Libya board agreed to the new rate of 4.8 dinars to the United States dollar last month in its first full meeting for five years after splitting when the country divided between western and eastern factions.
In Tripoli, the black market rate on Sunday was 5 dinars to the dollar after dropping last week towards the new official rate.
“We’ll have to wait three or four months to see how things go at commercial banks,” said Amer, a currency dealer.