APA-Tripoli (Libya) Libya’s economic and monetary crisis which had dogged the country since the civil war may soon be over after its two rival central banks announced a merger, APA can report from Tripoli on Monday.
Another bank had emerged in the eastern city of Tobruk to rival Libya’s main central bank based in Tripoli soon after the North African nation became divided as the civil war raged.
An armed uprising against leader Muammar Gaddafi which began in 2011 saw two rival governments making competing claims to rule the country after his death.
Many economists had blamed the ensuing monetary crisis in Libya on the presence of the central banks which were serving two rival governments.
During the last 12 years, without a consistent monetary policy to back it, the value of the Libyan dinar had plummeted, leading to a rise in the prices of food and other basic essentials.
WN/as/APA