Libya-Libyan Central Banker urges higher oil production to develop Libyan economy

The Governor of the Central Bank of Libya, Saddek Elkaber, affirmed Libya needs to boost oil production to enact sweeping development plans and diversify an economy heavily reliant on energy exports.

Output needs to be at least 1.4 million barrels per day “if we want to make a shift in Libya’s economy,” Elkaber told Bloomberg.

One of the challenges facing the Libyan economy is also exchange rate of the Libyan Dinar against the U.S. Dollar, which Elkaber says is difficult to adjust to the movement due to “the political and economic conditions in Libya, especially in light of the constant threats, the closure of oil ports and withholding of its revenues, and parallel spending.”

“This was confirmed by the International Monetary Fund,” he added.

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