Video: Libya approves New Exchange Rate

From Al Jazeera. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Libya Business News.

The devaluation of Libya's currency has taken effect, a move that is hoped will help the economy.

The Central Bank has agreed to a devalued exchange rate of 4.48 dinars to the US dollar.

While the official rate was 1.34 dinars, a lack of availability of US dollars in banks created a black market, on which it currently trades at 5.1 dinars.

Exchange rates have varied across the country because of conflict, the black market and banknotes printed abroad.

Al Jazeera's Malik Traina reports from Misrata, considered as Libya's economic hub:

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