Libya’s government of national accord on Wednesday imposed a fee of 183 percent on foreign currency transactions, effectively devaluing the Libyan dinar to bridge the gap to the dominating black market.

The move devalues the official rate of the dinar to the dollar for such deals to around 3.90 from around 1.4.

The decision had an immediate impact on the black market, leading to the dollar to drop from $1=6.50 dinars to $1=5.70 dinars on Thursday morning.