The black-market exchange rate of the UD dollar reached LD 8.80 yesterday on the back of widespread demonstrations in western Libya because of the acute power cuts.

The dollar exchange rate was at LD 8.55 on 21 July and at LD 8.49 on 16 July. It seems to have mirrored the rising temperatures and the increasing power cuts.

Libya’s extreme heatwave and the acute power cuts crisis have manifested in 12-hour (and more) power cuts and blackouts. The demonstrations, roadblocks, the barricading of government ministries by frustrated youth and their storming of the Mellitah Gas Complex have raised the political temperature.

They have put Abdel Hamid Aldabaiba under political pressure with many demonstrators calling for his, and his Tripoli government’s resignation.

It will be recalled that the CBL Governor, Naji Issa, had vowed to bring the black-market exchange rate to under LD 7 per dollar.

The increase of the black-market dollar rate has been reflected in the price of most imported goods – causing further price increases for the beleaguered Libyan consumer.

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