Libya has announced the second devaluation of the dinar in less than a year as the internationally recognized government faces a worsening foreign currency crisis and declining oil revenues, which the central bank has blamed on lower global oil prices.
Crude and condensate output increased by 22% last year to a 15-year high of 1.374mn b/d for 2025 (MEES, 2 January), but the central bank has pointed to a decrease in oil revenues transferred to its accounts over the past two years as oil prices have fallen. (CONTINUED - 1002 WORDS)
