Libya Devalues Currency by 13% After Decline in Oil Revenue

Brega oil port in Marsa Brega
Source: AFP/Getty Images

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By Salma El Wardany and Hatem Mohareb

April 6, 2025 at 1:48 PM UTC

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Libya’s central bank devalued the dinar by 13% as the divided OPEC member grapples with a decline in crude revenue that a plunge in global oil prices stands to worsen.

The Libyan currency will now trade at 5.5677 per US dollar, the regulator announced on its Facebook page on Sunday. The move seeks to create balance in the economy amid high demand for foreign exchange, it said, adding that supporting the dinar with reserves is unsustainable.