Despite oil riches, Libyans hit by plummeting purchasing power

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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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