Country Report Libya November 2009

Outlook for 2010-11: Exchange rates

The dinar is pegged to the SDR and is managed through tight official controls. The country's huge stocks of foreign reserves-US$96bn at the end of July 2009-mean that the authorities will be able to defend the exchange-rate regime should any pressure on the currency arise over the forecast period. We expect the SDR, which strengthened against the dollar in 2008 but has weakened during 2009, to appreciate slightly in the remainder of the forecast period. The dinar is forecast to appreciate slightly to an average of LD1.23:US$1 in 2010-11 from an estimated LD1.25:US$1 in 2009.

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