Witnessing the crisis of the Libyan economy ... Libyan political system does not have in possession the hard currency to build a modern state

That it is considered the bear witness on the Libyan economic crisis, as reached by Libya from the situation of deterioration and stagnation in the internal political situation and created a vacuum in the mechanisms dealing with the Libyan national economy.

The exchange rate of the one US dollar reached 8.43 Libyan Dinars or more in the parallel markets. The official exchange rate of the Libyan Central Bank is one US dollar to 1.3584 Libyan Dinar, which indicates that the Libyan banking system does not have "hard currency" to deal with in Libyan commercial banks.

Financial sanctions on Libya are undermining the ability of the Central Bank of Libya to control foreign currency because it has no hard currency to pump into Libya's national economy. A total of 70% of its reserves in the Libyan treasury has been offset by the Libyan budget.

The Libyan government began the process of sacrificing Libyan oil at cheaper prices, licensed by the Libyan National Oil Corporation to the production of crude about 1.5 million barrels per day, which is one of the highest rates since 2013 of the field of spark, which is one of the largest oil fields in Libya, The Libyan economy is working to reproduce other oil fields and put them to work, such as the field of Abu Child, which resumed the production last month to pump at the rate of 81 thousand barrels of oil per day.

We consider the increased production of Libyan oil as part of the process of collecting and increase in foreign hard currency, which helps Libya to meet its challenges to their economic crisis, and to face the increase in the rate of inflation when there is an excessive rise in the level of prices of goods offered in the Libyan markets, thus working to improve the value of the Libyan currency, The collapse of the Libyan dinar against foreign currencies.

The increase in Libyan oil production at the moment is not only working to get hard currency but working to ease the pressure on the cost of living and the pressure on the Central Bank of Libya.

Billions of dollars of oil revenue were wasted in the corruption and the Libyan miss-management rather than spending the revenue to liaise productive rules in different sectors of the Libyan state.

The economic policies of the Libyan regime today were the true destruction in what existed in our production bases, and on the failure to comment on Libya's lack of financial resources frozen abroad at the international banking system.

Even if sanctions were lifted completely on Libya, the structure of the current political system in Libya will not help to improve the national economy.

This situation will not make Libya able and capable of improving its economic crisis because they are part of a comprehensive crisis created by the current Libyan state policies, and it means nothing but tightening the grip on the Libyan power and wealth that is gradually rising.

The participation of other Libyan political parties is not meant to work on Libya's exit from the Libyan national political crisis, which is the fighting to bring about comprehensive changes that begin with the end of the empowerment of some people over others.

It's the making of ways for a democratic transformation and the making administration of the Libyan state civil liberty by the Libyan national minds in a Libyan community vision with the participation of all The loyal people of Libya for their just national causes.

By professor Ramzi Mavrakis