Libya to Trade Money for Barter System
Libya will replace money with a system of barter, Libyan television has reported.
In a report monitored in London, the state television network quoted the official Jana news agency as saying the system of barter will be adopted in accordance with Col. Moammar Kadafi’s “Green Book,” in which the Libyan leader has set down his political philosophy.
“This will end dealings in money, which will become a unit of measurement only,” the Friday evening broadcast quoted Jana as saying.
It did not say when the changeover would occur or give further details.
Kadafi has initiated a number of major changes in Libya’s economy.
In 1980, the government seized all money in bank accounts in excess of $3,300. The following year, the government shut down thousands of small food and clothing shops and replaced them with state-run supermarkets.
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