Despite oil riches, Libyans hit by plummeting purchasing power

Libya may sit on Africa’s biggest oil reserves, but many families are struggling with rapidly rising consumer prices as the festive Muslim holy month of Ramadan nears.

Since a currency depreciation has driven up the cost of imported food and other goods, said self-employed Mohamad al-Weheshi, 29, “we have to make do with the minimum”.

With a monthly income of around $150 at the official exchange rate, he said, “we will soon have to do without meat”.

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