Libya devalues dinar by 14.7%, second cut in less than a year

Libya's central bank announced a 14.7% devaluation of the dinar on Sunday, setting the exchange rate at 6.3759 to the U.S. dollar, the currency's second such adjustment in less than a year, Libya's central bank announced a 14.7% devaluation of the dinar on Sunday, setting the exchange rate at 6.3759 to the U.S. dollar, the currency's second such adjustment in less than a year. The move follows a 13.3% 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 declining oil revenues due to lower global oil prices amid other economic challenges. These include the lack of a general state budget and rising public spending. The oil-rich nation has struggled to maintain consistent revenue flows amid fluctuating oil production and prices, which serve as the backbone of its economy.