Presidential Council orders tax cut on official dollar exchange rate

August 5, 2019

Chairman of Presidential Council Fayez Sarraj on Tuesday signed a new order cutting taxes on official dollar rates from %183 to %163.

The new order sees $1 dollar becoming worth around LYD 3.65 at the official bank rates. Before the order, $1 dollar was worth LYD 3.90 Libyan dinars.

The tax cut has affected the parallel market where the dollar rate fell from LYD 4:55 to LYD 4:09 at the end of the daily trading.

The Presidential Council imposed 183% fees on the foreign currency transactions at the banks in September 2018 as part of the economic reform package.

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