Libya devalues currency amid fiscal strain

Libya's central bank devalued the dinar by 13.3% on Sunday, setting the official rate at 5.57 to the dollar—the first adjustment since 2020, Reuters reports. The move comes amid ongoing economic instability, with the black market rate at 7.20. Public debt stands at 270 billion dinars, projected to exceed 330 billion by end-2025 in the absence of a unified budget, according to the bank.