About a week after a double devaluation of the Libyan Dinar against foreign currencies by 13.3%, compounded by an additional 15% fee, bringing the official exchange rate to 6.40 Dinars per Dollar, wholesale prices of electrical appliances and household goods have witnessed varying increases.
Given Libya’s complete reliance on imports in the durable goods and household items sectors, these commodities are directly affected by fluctuations in the Libyan Dinar’s exchange rate against foreign currencies.
In an exclusive statement to Al-Manassa, Al-Siddiq Al-Qailoushi, a wholesaler of electrical appliances in Tripoli, explained that merchants have already raised the prices of their goods, including refrigerators, televisions, washing machines, household ovens, and air conditioners, by at least 20%, reaching 22% in some cases.
For his part, Mohammed Al-Dardafi, a household goods trader, told Al-Manassa that prices have already increased by no less than 12%, with expectations of further increases in the coming period. He pointed out that these increases will include various kitchenware, such as pots, assorted plates, cups, small kitchen appliances as well as household decorations, and artificial flowers and plants. Libyan traders primarily rely on the markets of China and Egypt for importing electrical appliances and household goods, and to a lesser extent on the markets of Turkey and South Korea, while some goods come in limited quantities from the European market, specifically from Italy, due to high shipping and supply costs from these markets.