Sunday, November 27, 2011
New Libyan Currency: where is the democracy ?
Tawasul news agency announced on Facebook the imminent issue/arrival of the newly minted Libyan currency of a which I'm publishing a photo below taken from their website.
In my humble opinion and my knowledge of economics is limited to non-existent, a new currency is not the top priority in Libya. If true the new money looks nice but we should not be wasting money on it we could have survived with the old Libyan notes, even the ones with Gaddafi's face on and thank God it was only the One Dinar currency and more recently the 50 Dinar currency which I actually rarely saw since it came to the market a year or so ago.
Some people say that having these new banknotes will make the ones taken out of the country invalid and so help restore the economy and will hit those who have been hoarding money and starving the marked of cash. So re-introducing badly needed cash would hit two birds with one stone... maybe I really don't know how this works and if this is the solution to fight all the war profiteers. Yet again I think a new currency would have been the last step before the transitional period ended in 2013. Like this it feels to me as if someone has made a business deal somewhere but most importantly who decided this step ? have Libyans been asked about their opinion? has their been a national referendum ? What a waste of time and resources...
I hope I'm wrong... what do you think ?