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- Title
LIBYA: Forex Tax.
- Abstract
The Central Bank of Libya has proposed a 27% tax on the official exchange rate of foreign currencies until the end of 2024, causing controversy in parliament. The tax would be added to the exchange rate and could be reduced based on the state's revenues. While some members of parliament support the tax as a means of stabilizing the exchange rate, others reject it, calling it unjust and a cover for looting. Prime Minister Abdulhamid Al-Dbeibah has also expressed his rejection of the tax, stating that the country's economic situation is good and there is no need for such measures. However, the Central Bank governor, al-Siddiq al-Kabir, has cast doubt on the prime minister's assessment, warning against promoting a rosy picture of the economy and stating that the country's usable foreign currency reserve is estimated at $28 billion, not $84 billion as claimed by the prime minister.
- Subjects
LIBYA; UNITED States. Congress. House; FOREIGN exchange reserves; PUBLIC finance; FOREIGN exchange market; PUBLIC debts; TAXATION; FOREIGN exchange rates; FOREIGN exchange
- Publication
Africa Research Bulletin: Economic, Financial & Technical Series, 2024, Vol 61, Issue 3, p24673B
- ISSN
2053-227X
- Publication type
Article
- DOI
10.1111/j.1467-6346.2024.11582.x