The Central Bank of Libya (CBL) reports that the country loses approximately $7 billion annually due to illegal migration. This significant economic drain is one of the challenges facing the bank amidst the country’s deep financial crisis.
The CBL cites dual public spending by two governments as a major obstacle, leading to increased demand for foreign currency and a rise in inflation rates, posing a threat to the Libyan dinar exchange rate and the country’s overall economic stability.