Libyan dinar exchange rates against the Egyptian pound jumped considerably after Libyan revolutionaries gained control of Tripoli, sparking hopes of the final collapse of Colonel Muammar Qadhafi’s regime.
Mohamed al-Abyad, chairman of the exchange sector at the Federation of Egyptian Chambers of Commerce, said the demand for the Libyan dinar increased significantly, despite fears from exchange companies of the possible cancellation of the current Libyan currency (printed with an image of Gaddafi), similar to what happened with the Iraqi dinar in the aftermath of the fall of Saddam Hussein eight years ago.
Imad Khalil, an official at the Egyptian Exchange Company said that over the past two days, the Libyan dinar recorded a 20 piaster increase and is now bought in exchange for LE3.65 and sold for LE4.
In related news, a number of Egyptian and Arab businessmen transferred millions of Libyan dinars from the Gulf to Egypt.
A source from Cairo International Airport (CIA) customs said that upon arrival in Cairo, the businessmen filed a report with the Customs Service declaring that they were carrying money that amounted to over US$10,000 or its equivalent in other currencies.
According to the German Press Agency (DPA), “Seven passengers were on board a plane coming from Dubai and they were carrying more than one million Libyan dinars, including one businessman who provided notice he was carrying 290,000 Libyan dinars.”
“This phenomenon prompted us to ask the arriving passengers the reasons behind the transfer of all this money,” the agency quoted an airport source as saying. “They said that traders in the Gulf were getting rid of Libyan currency, especially money printed with an image of Gaddafi for fear of its cancellation.”
Hamdi al-Kadi, chairman of customs at the CIA’s cargo village told Al-Masry Al-Youm there were “no restrictions on the entry of foreign currency, as long as those arriving sign the statements.”
Kadi went on to say, “Cash imports and exports are monitored by the Central Bank of Egypt in accordance with known proceedures for the handling of money at home and abroad.”
Translated from the Arabic Edition
