Foreign Currency

HoR members reject decision to impose tax on foreign currency exchange rate


A group of 30 members of the Tobruk-based House of Representatives (HoR) announced their rejection of the council’s president, Aguila Saleh’s decision to impose a fee on the foreign currency exchange rate.

In a statement, the lawmakers described the decision to impose a 27% tax on foreign currency as unjust to citizens and deemed it an “ill-considered move.”

The statement says the decision exceeds Saleh’s powers, asserting that taxes could only be imposed through legislation enacted by the HoR.

Lawmakers argued that the decision would encourage further illegal currency transactions and effectively condone embezzlement in various budget items.

According to the statement, this decision deviates from the proper solution, which involves forming a new government, implementing genuine reforms, halting illegal spending, and addressing unrecorded spending.

On Thursday, HoR President Saleh issued a decree imposing a fee on the official exchange rate of foreign currencies by 27% for all purposes until December 31 of the current year, 2024.

Days ago, the Governor of the Central Bank of Libya, Saddek Elkaber, proposed amending the Libyan dinar exchange rate against foreign currencies and imposing a 27% tax on foreign cash in a letter addressed to Saleh.



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