Professor of Economics Mohammed Al-Barghouthi wrote: A strong currency is not measured by its exchange rate. There is often confusion between the nominal exchange rate of a currency as shown in the market against the dollar or euro, and the deeper economic meaning of currency strength. A strong currency is not necessarily the one with […]
Professor of Economics Anas Al-Amin wrote an article titled: What if Libya charted its path to 2040? A vision for change and comprehensive reform. Libya is currently going through a complex and overlapping stage of political, economic, and social crises, making state management a constant challenge. Repeated political divisions have weakened state institutions and lowered […]
Libya’s Ambassador to Italy, Mohannad Younis, confirmed exclusively to our source that the funds of the Libyan embassy in Italy have been frozen. According to Younis, the reason goes back to lawsuits filed against the embassy related to old debts and outstanding dues, some of which date back more than 15 years. He stressed that […]
Our source has exclusively obtained a correspondence from the Government of National Unity addressed to the Acting Director General of the Customs Authority regarding the implementation of the Central Bank of Libya’s National Committee for Combating Money Laundering and Terrorism Financing statement on cash disclosure at customs entry points and the filling out of designated […]
Our source has exclusively obtained a circular from the Central Bank of Libya, instructing commercial banks to once again notify their customers of the approaching end of the withdrawal period for the 20, 5, and 1 dinar currency notes. The Central Bank also urged banks to facilitate procedures related to deposits.
The French intelligence website Africa Intelligence reported on Thursday that a persistent struggle is underway between rival factions in eastern and western Libya over the chairmanship of the National Oil Corporation. According to the site, the conflict remains ongoing between Ibrahim Dbeibeh and Saddam Haftar, both seeking to seize the position of NOC chairman.
The Italian news agency Nova reported on Thursday that all bank accounts of the Libyan Embassy in Rome have been frozen for more than a week, leading to severe consequences for the routine administration of the diplomatic headquarters on Via Nomentana, according to qualified Libyan sources cited by the agency. The freeze, which took effect […]
Mohamed Suleiman, Deputy Chairman of the Higher Central Committee for the Strategic Cooperation Plan between the National Anti-Corruption Authority and the Audit Bureau, told our source that on the 70th anniversary of the Audit Bureau’s establishment, the occasion was seized to announce the joint strategic plan between the Bureau and the National Anti-Corruption Authority. Suleiman […]
Abdulbasit Jaboua, Head of the Committee for Preparing the Anti-Corruption Strategy at the Audit Bureau, told our source exclusively that as part of the strategy, there will be a program to fully present the data, whether related to financial data on expenditures—showing the allocations and what is being disbursed by the Ministry of Finance, as […]
Anis Al-Majbari, Director of the Planning and Reporting Office at the Audit Bureau, told our source that within 20 to 30 days, the Audit Bureau’s 2024 report will be ready for publication and referral to the legislative authority, as part of the oversight bodies, with the Audit Bureau being the highest oversight institution in Libya, […]
Head of the Audit Bureau, Khaled Shakshak, told our source exclusively: “There is no fixed date yet for disclosing the Audit Bureau’s 2024 report, but I believe it will be soon. The report is complete; we are now in the stage of final reviews and drafting, and it will be issued shortly.” He continued:“The idea […]
Professor of Political Economy Mohamed Al-Barghouthi wrote: The Libyan Dinar Between Floating and Pegging The economic debate in Libya continues to revolve around the future of the exchange rate and the options available to the Central Bank. Between those calling for full or managed floating and those preferring to maintain a fixed system, there is […]
Financial analyst Khaled Al-Zantouti wrote in an article: I have asked several times why individuals and institutions are not allowed to open dollar accounts in Libyan banks, but I have not found a clear answer. My question here is: does the law permit it? And if it does, then why don’t our commercial banks provide […]
Our responsible source at the Central Bank of Libya revealed exclusively that the total value of banks’ requests to cover September’s letters of credit transferred to the Central Bank during the month amounts to $3.7 billion, which will be executed and approved next week. Of this, $1.8 billion will be paid to commercial banks, while […]
A banking source revealed that the way the Central Bank will succeed in containing the black market for currency, regardless of the rate, is clear—there is well-planned strategy and deliberate steps by the Central Bank. He continued:First, licensing exchange companies to operate and granting them foreign currency will bring all practitioners of the activity under […]
