Libya to go bankrupt if cash flow crunch continues
The oil-rich country is struggling with a shortage of foreign reserves as militias retain control of fields, depriving the government of billions of dollars in revenue.
Libyan women line up at the counter in a bank in Tripoli, Libya on March 10, 2011 to either cash their pay-cheque or claim the 500 dinars given to citizens by the government.
The Libyan dinar has been depreciating steadily as a scarcity of foreign currency drives up dollar prices.
After the fall of former leader Muammar Gaddafi, Libya has faced civil war and battled with militants and terrorists alike. The UN-backed government in Tripoli has failed to stabilise the country politically or economically.
Militias have seized a number of oil fields over last four years, disrupting production and depriving the government of billions of dollars.
With banks running out of dollars, many people have turned to the black market. There the dinar has steadily weakened, though official government exchange rates maintain otherwise.
Younger Libyans are trying to leave as "Libya has become unlivable."
TRT World’s Zeina Awad reports on how Libyans are trying to cope.
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