According to Financial Times, Seddiq Al-Kabeer, the governor of the Central Bank of Libya who controls billions of dollars in oil revenue, stated that he and other bank staff had been forced to flee the country to “protect their lives” from potential attacks by armed militias. The Central Bank of Libya and its governor, Seddiq […]
The American news agency Bloomberg reported today, Tuesday, that Libyan oil production continues to decline as authorities in eastern Libya impose the closure of oil fields, exacerbating the crisis that the United Nations has warned could lead to economic collapse. Bloomberg noted that production at the El Feel oil field in southwestern Libya has stopped, […]
The United Nations Support Mission in Libya (UNSMIL) has presented a roadmap proposal to resolve the crisis surrounding the Central Bank of Libya, which has been received by both the House of Representatives and the High Council of State. UNSMIL also stated that in light of the recent unilateral actions taken by Libyan parties, it […]
The Director of the Office of Presidential Affairs in the House of Representatives has sent a formal letter to the Governor of the Central Bank of Libya. The letter reads as follows: Respected Sir, Governor of the Central Bank of Libya, Greetings, Upon reviewing the correspondence dated June 20, 2024, with reference number (81/1199), which […]
The House of Representatives has issued Decision No. (7) of 2024, which addresses the governance of the Central Bank of Libya. This decision annuls Decision No. (3) of 2018 regarding the appointment of the Governor and establishes the current governance framework for the Central Bank. The decision follows an extensive review of relevant legal and […]
The Committee on Planning, Finance, and the General Budget of the House of Representatives has reviewed the decision of the President of the Council No. (22) of 2024, regarding the reformation of the Board of Directors of the Central Bank of Libya. Within this framework, the Committee considers this decision null, given its violation of […]
The High Council of State has issued a statement regarding the Presidential Council’s encroachment on the legislative bodies’ authorities. This is a confirmation of the governing principles outlined in the Libyan Political Agreement, which stipulates: Therefore, the High Council of State affirms that the decision published on the official page of the Presidential Council regarding […]
The Italian news agency Nova reported ongoing consultations between the Speaker of the House of Representatives and the “General Command” regarding the measures to be taken in response to the escalation by the Presidential Council Chairman over his decisions concerning the Central Bank. These consultations include the possibility of a complete shutdown of the oil […]
Exclusive banking sources revealed to Sada Economic Newspaper that operations at the Central Bank of Libya have been halted following instructions issued yesterday for employees not to report to work as a precaution against any emergencies. The source confirmed that the CBL system between banks is operational, accepting all transactions with no rejections for purchase […]
The “Middle East Monitor” website reported, citing informed sources, that there are mediations to contain and resolve the crisis at the Central Bank of Libya following the Presidential Council’s decision to form a new board and proceed with the dismissal of current Governor Seddiq Al-Kabeer and his deputy, Marai Al-Barassi, with the appointment of Muhammad […]
Bank ABC continued its strong performance with an H1 net profit of US$150 million, a 24% growth over the corresponding period last year, driven by a 10% increase year on year (YOY) in total operating income from core business growth and higher average asset volumes,after absorbing the impact of EGP depreciation, underpinned by bothoperating expenses and cost of credit being well controlled. The Group’s balance sheet strength was also maintained, with capital andliquidity ratios […]
Our source has exclusively obtained a directive from the Central Bank of Libya lifting the freeze on the accounts and balances of Al-Sahl Holding Group following the settlement of their financial obligations. The group deposited 255 million dinars out of a total of 309 million dinars. The Public Prosecution had issued a notice to lift […]
talian strategic expert Daniele Rovinetti revealed to Sada Economic News that the printing of the Libyan dinar by a Russian company is part of Moscow’s strategy to destabilize Libya. Rovinetti explained that this activity supports an unrecognized government in eastern Libya, bolstering Khalifa Haftar’s position and protecting Russian interests in the region. He suggested that Russia benefits from maintaining chaos in Libya to further its geopolitical goals.
In a statement to our source, lawyer Thuria Al-Touibi discussed the Supreme Court’s Administrative Division ruling to cancel the surcharge on foreign currency exchange rates. She explained that the Governor of the Central Bank of Libya and the Speaker of the House of Representatives, Aguila Saleh, filed an appeal after the ruling was announced, requesting […]
Jalal Al-Harshawi, a Libyan affairs expert at the Royal United Services Institute, explained to our source on Wednesday that there are several reasons behind the weakness of the Libyan dinar, and that parallel printing of dinars is not the main cause. Al-Harshawi confirmed that the primary reason for the dinar’s weakness is the large amount […]
