Libya’s rival currencies reportedly will circulate in parallel

The latest reports out of Libya indicate that the Presidency Council of the United Nations-backed Government of National Accord has reversed its previous rejection of the new banknotes which were printed in Russia for the Thinni government in Beida. Although similar in design and size to the existing notes issued by the internationally-recognized Central Bank of Libya in Tripoli, the new notes have different security features, watermarks, and serial numbers.

The rival Central Banks in Tripoli and Beida will apparently jointly supervise the issue of new notes which will circulate throughout the country to alleviate the cash shortage. The new Russian-printed note are to be issued on 1 June 2016.

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