By: Abdul-Razzag Dahish*
The Libyan Dinar can hold its head up high comfortably only in the Central Libyan bank and gas stations. The Libyan Dinar is
dressed in torn clothes, walks on crutches and hasn’t saved for more than 3 years.
The schizophrenia the Dinar suffers from isn’t because of the US Dollar or related to Federal Reserve Bank. Dollar didn’t rise up to skies but it is the Dinar who fell under ground after stumbling on the first door step of Al-Mosheer market after exiting the central bank. Due to misunderstanding or good intentions, some attribute the high prices to Dollar rises, including taxi drivers and sellers.
The truth is that it is the Dinar that fell. Bruises cover his face and are reflected in the Libyan market mirror. Dinar has lost half of its value; a Dinar who used to buy two milk beverages can only buy one now, this is called drop in the performance of the Libyan currency, inflation or whatever you want.
The problem is that the Dinar now feed on nutritional shots inside reserves administration in the Central Bank, worse than that; the foreign reserves are declining; it is a matter of time before reserves is renewed.
The Central Bank is responsible for putting the financial policy and managing deposits, but we don’t hold him responsible for the malnutrition-sick Dinar. The bank tries to thoughtfully spend the reserves to prolong Dinar’s lifetime and prevent it from falling in severe anemia. It is the worst happens; Dinar will turn into documents with no monetary value and won’t even equal the cost of printing it.
For Dinar to restore its position and dealers’ trust, hold its head back up against Dollar, Euro and other currencies, a Libyan citizen should dress and head to work and achieve an additional value to the national economy. This is as hard as the Libyan works with minimum productivity. He mostly won’t find the work that provides a real cover for the Dinar.
Libya kept expanding on the Mediterranean Sea with a remote control in her hand directing it to all world markets; from Shanghai to New York and Valetta island, which has its share of the Libyan goods.
Libyans lived on the primary oil price OPEC quota. Aladdin’s lamp kept satisfying Libyans’ needs, but after the oil tap was closed, they had nothing left but their savings, and Libyan Dinar could only hang out in front of cheap and expensive stones shops. When reserves run out, everyone will know that cutting oil arteries is like cutting neck arteries.
*A Libyan Writer
Translated By LIBYAPROSPECT: Source