Libya MPs Urge Emergency Session on Dinar Devaluation Decision

Libya’s House of Representatives summoned an emergency session to discuss the Central Bank’s dinar devaluation. Key officials, including the Central Bank Governor, have been requested to address pressing financial issues like the budget deficit and overspending. A recent report revealed substantial government expenditures prompting the devaluation.

Sixty-nine members of Libya’s House of Representatives have requested an urgent parliamentary session to discuss the recent devaluation of the Libyan dinar by the Central Bank. Scheduled for Tuesday and Wednesday, the MPs insisted the House leadership convene the Central Bank Governor, his deputy, and members from the Audit Bureau, National Oil Corporation, and Administrative Control Authority.

This session aims to address concerning financial issues such as the considerable budget deficit and the rise in government spending beyond the approved budget parameters. The Central Bank’s decision to devalue the dinar against the dollar was influenced by a reported deficit, with around 224 billion Libyan dinars spent by the two governments within a year, leading to a demand for $36 billion in foreign currency for operations.

The appeal by the MPs highlights the urgent need for transparency and accountability regarding Libya’s financial management. With significant budget deficits and uncontrolled spending, the emergency session will seek clarification from Central Bank officials on measures to stabilize the economy and manage foreign currency needs effectively.

Original Source: libyaobserver.ly