Libyan businessman “Hosni Bey” said in a statement to the Sada Al-Eqtisadiah newspaper, commenting on the new mechanism for selling foreign exchange to individuals: Unfortunately, during the past seven years, the policies of what were called “heads of household” or “special purposes” or other names have been exploited. Their sole purpose was to serve the citizen, but most of these policies did not fulfill their intended purpose and purpose.
He continued by saying: Unfortunately, some of these policies were exploited for the purposes of foreign exchange speculation by everyone who was able to do so, and policies were aimed at meeting the citizen’s special needs when traveling abroad for the purposes of Hajj, tourism, treatment, study, or other purposes.
He stated: The dollars sold through these policies exceeded $100 billion over 10 years (exceeding a third of the total uses of foreign exchange sold for all purposes). A large portion of this amount of allocations was exploited for currency speculation through what is known as the parallel market.
He continued: Accordingly, the Bank of Libya decided to approve a mechanism and conditions that serve the citizen and reduce exploitation to limit currency speculation. The procedures announced by the Central Bank of Libya end, limit or reduce speculation operations, especially by selling the needy citizen his rights and the rights of his family by allowing the speculator to use the card in exchange for sums of money. It is small, and may not exceed 2%, when it gives the speculator the opportunity to earn no less than 15% exchange rate difference.
He stated: The new mechanism limits rights holders from waiving their rights to purchase the currency, and reduces speculators’ exploitation of rights holders.
He continued: The new and simplified mechanism, although it obliges every citizen to deposit the value in foreign currency in the personal account of the right holder alone, and the value in foreign currency obtained by the citizen from the source “Central Bank of Libya” cannot be added except to add it to the personal account of the right holder in the commercial bank.
He also said: The amended policies also granted the right holder, the citizen, the right to dispose of the currency and the right to trade it with others directly through the right holder’s account.
He stated: The goal of the new and amended policies can be summarized to achieve two things:
1- Reducing the ability of speculators to manipulate currency prices, and the reason for widening the gap between the official currency price and the market. The gap during the last two months exceeded the dangerous line, reaching 25% (a catastrophic and destructive level).
2- Enabling the monetary control authorities at the Central Bank of Libya to track and invest funds in order to combat what is called “money laundering” in organized crime and terrorism.
He concluded his speech by saying: Unfortunately, in the past, there were banks that would reserve money in the name of their customers without their knowledge and then dispose of the individuals’ share without their knowledge (misfortunes happened), and the new system and innovative mechanism limits the opportunities for manipulation and speculation.
You can also read the news in the source from the Sada Economic newspaper
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2024-06-17 12:01:37