LIBYA · ECONOMY
Key Facts
- —What is happening The Libyan dinar weakened past 10 per US dollar on the parallel market on 14 and 15 October, with street quotes from 10.165 to 10.30, while the Central Bank of Libya’s official rate stayed near 6.42.
- —Why it matters The street dollar is about 60% dearer than the official rate in an OPEC oil producer, a gap that in September came amid pressure on foreign exchange, rising prices and calls for higher salaries.
- —The numbers Street quotes ran from 10.165 to 10.30 dinars per dollar against an official 6.4081 to 6.4403, so 1,000 dinars is worth about US$156 at the bank and about US$97 to US$98 on the street.
- —Who is who The Central Bank of Libya, led by Governor Naji Issa, sets the official rate and supplies cash dollars to commercial banks, while the parallel market is a network of informal traders with no official quote.
- —What to watch Whether the street rate stays above 10 dinars, and whether the central bank changes the official rate or the cash dollar supplies to commercial banks that its governor discussed on 15 October.
- —What it means for you US firms paying Libyan staff in dinars face a choice between about US$156 and about US$97 to US$98 per 1,000 dinars, and the State Department keeps its Level 4 Do Not Travel advice for Libya.
The Libyan dinar weakened past 10 per US dollar on the parallel market on Thursday, 15 October. The official Central Bank of Libya rate stayed near 6.42 dinars, a gap of about 60%.
The Libyan dinar weakened past 10 per US dollar on the informal parallel market on Thursday, 15 October. The Central Bank of Libya’s official rate stayed near 6.42 dinars per US$1, a gap of about 60%.
Libya is an OPEC member, the oil exporters’ group, and it sells its crude for dollars. It matters to US readers because Federal Reserve officials, from the US central bank, met Libya’s governor on Tuesday.
How the Libyan Dinar Passed 10 per Dollar
Alwasat, a Libyan news portal, published the rates at 2:57 p.m. Libyan time on Thursday, 15 October. It attributed the parallel market figures to traders and market pages on social media.
On those quotes, the US dollar cost 10.30 dinars on Thursday, 15 October. At that price one dinar buys about US$0.097, just under 10 US cents.
A second Libyan outlet, Ean Libya, carries a live rates panel that put the dollar at 10.165 dinars on the parallel market. Its 18:05 stamp reads 14 October but calls it a Thursday, which was 15 October, so its date is unclear.
Conversions in this article use the Central Bank of Libya’s official rate for 15 October, about 6.42 dinars per US$1. The bank’s website lists the dollar at 6.4081 dinars to buy and 6.4403 dinars to sell.
Official Rate Versus the Street Rate
At the official rate, 1,000 dinars is worth about US$156. At the 10.30 and 10.165 street quotes, the same 1,000 dinars buys only about US$97 to US$98.
That makes the dollar about 58% to 60% dearer on the street than at the bank window. Alwasat said the official dollar rate was unchanged from Wednesday.
The Libya Observer, an English language outlet, wrote on 16 September that the dollar had already risen on the parallel market. Its figure for that date comes from that outlet alone, so it is not repeated here.
The Libya Observer tied that earlier rise to pressure on foreign exchange and to higher prices for goods and services. It also noted growing calls for salary reviews.
What the Central Bank Is Doing
The central bank’s governor, Naji Issa, was in Bangkok on 13 and 14 October for the IMF and World Bank annual meetings. On Tuesday, 13 October, he met a US Federal Reserve delegation, according to a bank statement carried by the Libya Observer.
The statement says the talks covered anti money laundering rules and smuggling that distorts the foreign exchange market. It also covered joint work with K2 Integrity, a compliance consultancy, on screening suspicious letter of credit requests.
Letters of credit are bank guarantees that let importers pay foreign suppliers, usually in dollars. The US delegation welcomed the resumption of foreign currency shipments after years of suspension, the statement says.
On Wednesday, 14 October, Issa also joined an African Group meeting of governors with IMF Managing Director Kristalina Georgieva in Bangkok. The central bank said his attendance was part of efforts to raise Libya’s profile and deepen cooperation with the IMF.
On Thursday, 15 October, the central bank’s website lists a meeting between Issa and the chairman of Numisma Bank. The listing says they discussed continued supplies of cash US dollars and how distribution through commercial banks has gone.
Its May 2026 release describes Numisma as a US chartered bank in Connecticut that provides currency solutions to central and commercial banks. The central bank’s listing does not say where the 15 October meeting took place.
What It Means for US Readers
For US companies and contractors that pay Libyan staff and suppliers in dinars, the choice of rate matters. At the official rate 1,000 dinars costs about US$156, and at the street quote about US$97.
Oil sales stay in dollars, so the exchange rate does not by itself change what a barrel earns. It does change what ordinary Libyans can buy with salaries paid in dinars.
The US government is engaged with the central bank on banking safeguards, as the 13 October Federal Reserve talks show. Those talks focused on anti money laundering controls and on how dollar shipments reach commercial banks.
The State Department lists Libya at Level 4, Do Not Travel, in an advisory dated 31 August 2026. Travellers should note that the currency move does not change that advice.
What Is Not Known
No official parallel market rate exists, so every street quote comes from traders or websites and differs by dealer. Alwasat’s 10.30 and Ean Libya’s 10.165 are not the same figure, and neither has been confirmed by the central bank.
It is not known what drove the dinar’s slide, since neither outlet gives a cause for it. The Libya Observer’s September explanation, pressure on foreign exchange and prices, is not tied to this week’s quotes.
The central bank has not said whether it will change the official rate or respond to the street move. Its website lists a Thursday item titled only Statement, and its content could not be read.
Issa handed in his resignation in August, yet the central bank’s website still shows him acting as governor on 15 October. This article does not say whether that resignation was withdrawn.
Alwasat’s Wednesday dollar quote and its euro, pound and gold street prices came from one outlet only and are left out. They have not been confirmed by a second outlet.
What Comes Next
The next signal is whether Alwasat, Ean Libya and other trackers keep the dollar above 10 dinars in the coming days. A central bank step on the official rate or on cash dollar supply could narrow or widen the gap.
A quote above 10 dinars does not mean the official rate has changed, and it does not mean imports have stopped. It shows only that traders and tracking sites now price the dollar well above the bank rate.
Frequently Asked Questions
What is the Libyan dinar’s official rate against the dollar?
On 15 October the Central Bank of Libya listed the dollar at 6.4081 dinars to buy and 6.4403 dinars to sell. That is about 6.42 dinars per US$1, or about US$156 for 1,000 dinars.
What is the parallel market in Libya?
It is an informal market where traders sell dollars outside the banks, at prices set by supply and demand. Its rates come from traders and tracking websites, not from the central bank.
How far has the dinar fallen on the street?
Alwasat quoted 10.30 dinars per dollar on Thursday, 15 October, and Ean Libya’s panel showed 10.165. The official rate on 15 October was 6.4081 to 6.4403 dinars.
Why does the street rate matter to US readers?
It shows a wide gap between bank and street dollar prices in an OPEC oil producer talking to US officials. US firms paying Libyan staff in dinars also face a choice of rate.
Is it safe for Americans to travel to Libya?
The US State Department lists Libya at Level 4, Do Not Travel, in an advisory dated 31 August 2026. The currency move does not change that advice.
Sources: Alwasat, parallel market and official rates, 15 October 2026; Central Bank of Libya, official rates and news, 15 October 2026; Ean Libya, parallel market rates panel; The Libya Observer, dollar reaches 9.5 dinars on parallel market; The Libya Observer, central bank and US Federal Reserve talks; The Libya Observer, governor at African Group meeting with IMF chief; Numisma Bank release, 21 May 2026; Arab News, Libya central bank governor resigns, 10 August 2026; US State Department, Libya travel advisory (all accessed 15 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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