Libyans Facing Sharp Deterioration in Purchasing Power

published:05/05/2025 07:52 GMT

Already worn down by years of political turmoil and economic hardships, Libyans are now facing a sharp deterioration in their purchasing power after a sudden devaluation of the Libyan dinar. Experts have said the national currency’s exchange rate decline came as a consequence of ballooning public expenditures by the country’s rival governments in recent years. Libya has Africa’s most abundant hydrocarbon reserves, but it is struggling to recover from years of conflict after the 2011 NATO-backed...More