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Libya's powerful black market traders are encountering an unfamiliar sight: people showing up with bundles of dollars for sale. Rising oil prices have relieved financial pressure on Libya, allowing authorities to channel more dollars to importers since the start of the year. Meanwhile, the central bank has eased restrictions on currency transfers that had made the black market the primary supplier of hard currency, fueling record inflation and impoverishing wage-earners already struggling since the 2011 NATO-backed rebellion.By Monday, the rate had stabilized around 6.25 per dollar after languishing between 9 and 10 for much of last year.Oil exports resumed in September 2016 and output last year reached its highest level in four years, but a collapse in global prices delayed economic recovery.As dollar-earnings dwindled, the central bank stopped granting letters of credit to most importers. Some black market dealers are refusing to buy dollars until the price stabilizes.
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