A reliable source at the Central Bank of Libya exclusively denied to our source the authenticity of the report attributed to an anonymous entity claiming to be the “Crisis Group.”
According to the source, in alignment with accounting policies and international standards for presenting the Central Bank of Libya’s assets at their fair value — and for the purpose of accurately reflecting the value of the bank’s foreign reserves — the Central Bank has evaluated its gold reserves and recorded them in its accounting books as of December 31, 2024.
The source added that this step is part of the new policies adopted by the Governor to enhance governance and transparency within the Central Bank. It also comes in compliance with periodic recommendations from the Libyan Audit Bureau, as outlined in its previous reports.
He continued by stating that this move was made in response to international accounting standards, with the aim of increasing transparency and presenting a fair view of the financial statements, as recommended in a report by Deloitte — completely removed from any political polarization or misinformation.
The source also noted that the financial asset (gold) had not been re-evaluated at fair value for a long time, which led to account balances not reflecting their true value. Addressing this has been a priority for the new administration of the Central Bank since it assumed office in October last year, culminating in the first-time publication of the true value of foreign reserves.
