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Author: Amira Cherni

Exclusive: Abu Bakr Abu Al-Qasim Reveals the Benefits of Granting Licenses to Exchange Companies and Offices

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The Head of the Accounting Department at the Libyan Academy, Dr. Abu Bakr Abu Al-Qasim, spoke exclusively to our source, stating: “The decision by the Governor of the Central Bank of Libya to grant operating permits to 64 exchange companies and offices is a highly commendable step. It comes after repeated demands to regulate and formalize currency exchange activities in the Libyan market.”

He added, “This move will undoubtedly bring numerous positive effects to the sector while eliminating many of the negative consequences caused by decades of chaos and illegality in this activity.”

Highlighting key benefits of regulating currency exchange, he stated, “With this sector now under the supervision and oversight of the Central Bank, it will be possible to monitor and control foreign currency transactions. Furthermore, legalizing this activity transitions it from the informal economy to the formal economy, bringing significant advantages.”

He also pointed out that this regulation could increase tax revenues, contributing to the state budget through taxation on the income of these exchange offices and companies. Additionally, it could aid in monitoring money laundering and preventing the use of funds for criminal activities.

He concluded by emphasizing, “Ending the chaos in this sector, which has caused significant harm, is a crucial step. We support this initiative and urge the Central Bank, through its specialized departments, to closely monitor this activity, particularly in its first year, to address any shortcomings or gaps that may arise and resolve them promptly.”

Exclusive: After Five Decades of Illegal Operations, the Black Market is Finally Legalized

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Libyan businessman Hosni Bey told our source exclusively: “After 12 years of waiting since submitting applications for exchange office licenses in compliance with the law, the Central Bank of Libya has granted permits to practice the profession under the supervision of the relevant administration within the Central Bank.”

He added, “Finally, exchange office licenses are seeing the light. Less than 60 days after the law was adopted and approved by the Central Bank’s board of directors, official permits for exchange offices have begun to be issued.”

Bey continued, “The so-called ‘black market’ is, in reality, a ‘free market,’ and after five decades of operating illegally and outside the law, it is now being legalized.”

He further stated, “This is an excellent step in the right direction. However, we hope that the Central Bank of Libya will regulate the sector through a flexible exchange rate and a transparent mechanism that ensures competition and currency market stability so that profits do not come at the expense of the public interest—the interests of the people and the Central Bank.”

Exclusive: Shakshak Calls for Freezing Mediterranean Company’s Accounts and Auditing Its Operations, Assets, and Contracts

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Our source has obtained a letter from the Head of the Audit Bureau, Khaled Shakshak, addressed to the Libyan Foreign Bank, instructing it to freeze the accounts of the Mediterranean Company and halt any transactions from those accounts.

Shakshak also directed the Chairman of the National Oil Corporation to assign committees to audit the company’s operations, assets, offices, accounts, contracts, balances, and financial obligations.

Exclusive: Sources Expect Dollar Exchange Rate to Decline in the Parallel Market This Week

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A special source revealed to our source that the exchange rate of the dollar in the parallel market is expected to drop below 6.4 Libyan dinars this week.

It is worth noting that an agreement was reached between the Central Bank of Libya, the National Oil Corporation, with support from the Audit Bureau and the Public Prosecutor’s Office, to transfer oil revenues to the Central Bank on a daily basis. This arrangement has facilitated the Central Bank’s ability to cover foreign exchange requests starting today. The bank will continue to sell foreign currency at the same pace as on February 2 in the coming days.

Exclusive: Abu Salim Municipality Head Addresses Head of Administrative Control Authority Regarding Economic Reform Initiative

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Our source has obtained a letter from the Head of Abu Salim Municipality to the Head of the Administrative Control Authority regarding the economic reform initiative. The letter emphasizes that the municipality has taken proactive measures by closely monitoring the country’s economic situation and committing to guidelines aimed at controlling and rationalizing spending during 2023 and 2024.

These measures include avoiding the purchase of travel tickets, accommodation, hotel bookings, building and car rentals, halting spending on lunch and hospitality meals, and suspending decisions related to foreign travel allowances. The municipality has focused on allocating available financial resources for operational needs.

Exclusive: Central Bank to Continue Foreign Exchange Sales at the Same Pace Due to Daily Revenue Transfers

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The Central Bank of Libya exclusively revealed to our source that an agreement was reached with the National Oil Corporation, supported by the Audit Bureau and the Public Prosecutor’s Office, to transfer oil revenues to the Central Bank on a daily basis.

This arrangement has facilitated the bank’s ability to meet foreign exchange requests starting today. The bank will continue to sell foreign currency at the same pace as on February 2 in the coming days.

Exclusive: Central Bank Reveals Foreign Exchange Sales Figures

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A source at the Central Bank of Libya exclusively disclosed to our source the foreign exchange system report for February 2. The source stated that $484 million was reserved for personal purposes, while $276 million was sold from previous reservations. Additionally, $243 million was allocated to cover previous letters of credit, and approximately $300 million in new letters of credit was approved.

Exclusive: Financial Official Explains Ministry’s Requirement for Employees to Have Bank Cards for Salary Payments

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A financial official told our source that the Ministry of Finance’s directive requires employees to provide proof of owning a bank card as a mandatory condition for salary disbursement.

He stated, “The directive means that any state employee with a bank account must obtain and activate a bank card and provide its details to their workplace. This ensures that when their salary is transferred, it is immediately available in their account, allowing them to withdraw, make purchases, and use electronic payment services instead of relying on checkbooks.”

Acting NOC Chief Reveals Strategic Plan to Boost Production and Enhance Transparency

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The Chairman of the National Oil Corporation, Masoud Suleiman, told Reuters on Friday that the corporation will focus on increasing production and enhancing transparency as Africa’s second-largest oil producer seeks to recover from years of instability.

The state-owned corporation oversees fossil fuel production, which has been disrupted since the ousting of leader Muammar Gaddafi in 2011 due to conflicts. Production also declined multiple times last year amid disputes among rival factions, including over the leadership of the Central Bank of Libya, which controls the country’s crude oil revenues.

In response to emailed questions, Suleiman stated, “The National Oil Corporation has a strategic plan to increase production, and we will continue implementing it while making necessary adjustments whenever required.”

According to the corporation, NOC’s oil production reached approximately 1.4 million barrels per day by the end of 2024, while the country’s long-term goal is to achieve 2 million barrels per day.

Last month, Oil Minister Khalifa Abdel-Sadeq told Reuters that Libya needs between $3 billion and $4 billion to reach a production level of 1.6 million barrels per day.

Suleiman also emphasized his focus on enhancing transparency within NOC, which may include streamlining operations and potentially closing some offices.

NOC fully owns 15 subsidiary companies, according to its online platform, in addition to holding shares in joint ventures and other supervised companies.

“Above all, I will focus on establishing transparency within the corporation so that any investor, whether the state or our foreign partners, can have a high level of confidence that any funds injected into the National Oil Corporation will be used in the best possible way,” Suleiman stated.

Referring to NOC’s procurement arm responsible for acquiring equipment and other services for oil field operations, he added, “I am still working on forming a complete picture of what has been accomplished in some companies, such as the Mediterranean Oil Services Company.”

Suleiman indicated that he would take a cautious approach in evaluating and potentially closing some branches, particularly those that were recently established.

The Mediterranean Oil Services Company has offices in Düsseldorf, Germany, and since 2020, in Dubai. Libyan media reported that it also opened an office in Istanbul last year.

Suleiman noted that closing some offices could simplify the company’s administrative structure, making it easier to manage in the future.

He also stated that he is in contact with the Libyan Attorney General regarding a request to halt the crude oil swap program, which NOC had used as an alternative financing method by exchanging crude oil for fuel.

Suleiman stressed that he will work with the Central Bank of Libya and the Tripoli-based Government of National Unity to establish an appropriate mechanism for securing a sufficient budget to ensure a stable supply of refined petroleum products across the country.

His comments to Reuters mark the first public confirmation of potential office closures and his first remarks on the Attorney General’s decision to halt NOC’s use of crude oil swaps for fuel.

Exclusive: Shakshak Forms a Committee to Review Projects at Waha Oil Company

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Our source has obtained the decision of the President of the Audit Bureau, Khaled Shakshak, to form a committee to review projects at Waha Oil Company.

The committee consists of: Azeddine Mohamed Hudud, Yassin Ahmed Al-Zaidi, Murad Mohammed Al-Ahyoul, Ahmed Ibrahim Akreem, and Ashour Milad Ashour.

Family of Foreign Investment Company Employee Reveals Details of His Abduction Following a Complaint by Moussa Atig

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Mahmoud Al-Sid Al-Dakhli, the brother of Mohamed Al-Sid Al-Dakhli, an employee of the Foreign Investment Company who was kidnapped today, spoke exclusively to our source. He explained that the incident traces back to a protest staged by employees of the company, located in Al-Dhahra, Baladiya Street, and managed by Moussa Atig from the southern region, who has held his position for nearly four years.

According to Mahmoud, 24 employees staged a sit-in on January 7 to protest against what they described as arbitrary administrative measures that deprived them of their rights and promotions. Many of them had been employees since before 2011. Following the protest, the company’s director filed a complaint with the Attorney General against the protesting employees. They were investigated, cleared of any wrongdoing, and later presented their case to the Administrative Control Authority. At the time, the situation appeared normal.

Mahmoud stated that after returning to work and reaching some resolutions with their director, employees were shocked when, at 10:30 AM on Wednesday, armed forces stormed the company headquarters. His brother was taken from his office while security personnel stood by. The family was further shocked to learn today that the company director had officially dismissed him.

He added that, according to security personnel and employees at the company, the armed group allegedly belongs to a unit from Tajoura, identified as the National Security Operations in Tajoura, located near Espan Roundabout.

Ruvinetti Reveals Dbeibeh’s Message on Controlling the National Oil Corporation

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Italian strategic expert Daniele Ruvinetti spoke to our source on Wednesday, stating that the recent developments appear to be linked to the resignation of National Oil Corporation Chairman Farhat Bengdara.

Ruvinetti noted that Khalifa Haftar has long called for a fair distribution of NOC revenues between eastern and western Libya, emphasizing the importance of energy resources for the country’s stability. He pointed out that Haftar had maintained strong ties with the former NOC chairman and held significant influence over political and economic dynamics in Cyrenaica.

According to Ruvinetti, Prime Minister Abdul Hamid Dbeibeh has taken steps to tighten his control over the NOC. He recently sent a letter to the corporation’s board, expressing his intention to directly oversee its operations.

He added that the current disputes over oil fields likely reflect ongoing efforts to challenge the NOC’s central administration in Tripoli, as tensions between rival factions continue to rise.

Exclusive: Al-Mabrouk Issues Circular on Determining Housing Allowance for Ministry Employees

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Our source has exclusively obtained a circular issued by the Minister of Finance of the National Unity Government, Khaled Al-Mabrouk, regarding the determination of rental allowances for ministry employees.

According to the circular, the maximum monthly rent allowance for ministers is set at 6,000 dinars, while deputy ministers will receive up to 3,000 dinars. Assistant deputy ministers will have a maximum rent allowance of 2,500 dinars per month, whereas department and main office directors within the ministry will be entitled to a maximum of 2,000 dinars per month. However, to qualify for this allowance, the beneficiary’s actual residence must be at least 100 kilometers away from their workplace.

Exclusive: National Unity Government’s Finance Ministry Issues Instructions on Payroll Bank Cards

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Our source has exclusively obtained a letter from the Director of Financial Controllers at the National Unity Government’s Ministry of Finance, in which the minister’s instructions were circulated.

According to these instructions, the ministry’s relevant departments and financial controllers are required to encourage individuals receiving salaries from entities funded fully or partially by the state treasury to provide proof of obtaining a bank card. Additionally, the bank card number must be a mandatory piece of information when processing salary payments.

Exclusive: NOC Requests Waha Oil Company to Provide Required Information to Audit Committees

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Our source has exclusively obtained a correspondence from the National Oil Corporation addressed to Waha Oil Company.

The letter emphasizes the importance of providing full cooperation and all necessary information to the committees assigned to audit the company’s accounts and contracts. It also urges the relevant departments at Waha Oil Company to comply and supply the committees with all requested documents and data.