Tripoli: The Central Bank of Libya has disclosed that foreign exchange sales have reached approximately $1.696 billion since the beginning of March. These sales were made for various purposes, as confirmed by the bank’s recent announcement.

According to Libyan News Agency, the Central Bank detailed that out of the total foreign currency sales, $816 million were allocated for personal purposes, and letters of credit accounted for $880 million. The bank reiterated its commitment to regularly providing foreign currency to meet local market demands, support the national economy’s stability, and maintain financial sustainability along with cash reserves.

Recent statistics from the bank highlighted that the total foreign currency usage during January and February of this year reached $5.53 billion, significantly up from $1.118 billion in the same timeframe the previous year. This increase of $4.48 billion represents a growth rate of 395.2%. The data further indicated that documentary credits constituted 43.1% of the total usage, personal items accounted for 53.7%, and remittances and merchant cards made up 3.2%.