The Central Bank of Libya exclusively revealed to our source that the Banking Operations Department at the Central Bank has completed the transfer of children’s allowances as well as the May salaries to the banks within just one day.
This comes based on direct instructions from the Governor.
The American Bloomberg agency reported today, Wednesday, that Libya has accumulated debts amounting to about one billion dollars to its fuel suppliers after the country ended its oil swap program about three months ago, according to people familiar with the matter.
Bloomberg continued, saying that the dues owed to the National Oil Corporation are likely to double by the end of the year if it does not start settling them, according to two people familiar with the situation who requested anonymity because the information is private.
The agency confirmed that the corporation’s inability to pay threatens the availability of products such as gasoline in a country suffering from political unrest.
The Head of the Accounting Department at the Libyan Academy for Graduate Studies, Abubakr Abu al-Qasim, said in a statement to our source: “We thank the Central Bank of Libya, the Audit Bureau, and the Attorney General regarding the announcement of ending the crude oil-for-fuel barter process, explaining that this ends the country’s largest systematic theft and looting of its wealth.”
Abubakr called for measures to be taken, including:
“First: this step must be followed by an important step, which is to investigate the entire previous phase of these barter operations, reveal the facts to the people, and question and prosecute everyone proven to be involved in the looting of Libyan funds.
Second: beware of the sharks of corruption who will strive with all their might to obstruct this step and bring back the barter process.”
Abubakr added:
“The third step of the measures must be to end dealings with the company “Arkenwa”, investigate everything it has done, and bring those behind it to justice.
Fourth, the next step should be for all honest voices in this country to adopt the idea of the “Aysar System” supported by the Central Bank of Libya, and that the salaries of government sector employees be transferred through this system directly from the Central Bank to the beneficiaries’ accounts — a system which the Ministry of Finance has not yet fully responded to.”
Abu al-Qasim concluded his statement by saying: “Honest voices must speak the truth and fight all these phenomena that contributed to the theft and looting of the people’s money. May God improve the situation.”
Our responsible source at the Central Bank of Libya confirmed exclusively that the barter system has been completely phased out as of this May. Following a series of meetings involving key parties — the Central Bank of Libya, the National Oil Corporation (NOC), the Ministry of Finance, the Audit Bureau, and the Attorney General — and after extensive efforts, the necessary funds have been allocated to the NOC to settle its outstanding dues.
The source also confirmed the resumption of fuel imports through the previous mechanism via the NOC’s account at the Central Bank of Libya.
Our source obtained the ruling of the Primary Court in Tunis condemning the accused “Malek Al-Hemali Ba’iw,” General Manager of the Al-Inmaa Oil and Gas Company, for the charges attributed to him in the crime of aggravated betrayal to 4 years and the same period for the crime of money laundering by exploiting the facilities granted to him by the characteristics of professional and social activity, and fining him an amount of 40 thousand in addition to another fine of 28.7 thousand dinars considered as confiscation.
The ruling included charging the legal expenses to the convicted and confiscating the frozen financial amounts for the benefit of the Tunisian state, to be deposited in a special account opened in the books of the Central Bank under the name of the General Treasury of the Tunisian state as confiscation of the real estate subject of property deed number 56933 Tunis for the benefit of the state’s private ownership, lifting the freeze on the rest of the property deeds, and dismissing the case against the accused Nadia Bint Al-Sadiq Bin Ali Bin Abdullah.
The court ordered accepting the civil lawsuit filed against the Al-Inmaa Oil and Gas Company represented by its legal representative formally and fundamentally by fining the accused Malek for its benefit with an amount of one thousand dinars as litigation fees and lawyer’s fees and rejecting the lawsuit beyond that, keeping the expenses charged to the party listed, and granting it the right to recover them legally from whoever should bear them, like the rejection of the civil lawsuit filed against the Al-Inmaa Oil and Gas Company Tunis branch.
Our source has exclusively obtained the decision issued by the President of the Libyan Audit Bureau, Khaled Shakshak, to place all bank accounts of the General National Maritime Transport Company under concurrent (accompanying) oversight.
The committee formed by his Decision No. (257) of 2025 is assigned to carry out the oversight of the company’s accounts, receive all related transactions, and is authorized to issue approvals, correspond with all relevant entities, and take any measures it deems appropriate in this regard.
Our source has exclusively obtained an official document showing that Gulf Oil Company has addressed the National Oil Corporation requesting to allocate 600,000 barrels as Arkenu Company’s lifting share from the Al-Taharah Field, whose total production stands at 1.2 million barrels, and to schedule the lifting share accordingly.
According to the correspondence published exclusively by our source, Arkenu is to be notified of the scheduled shipment date so it can issue the necessary loading instructions for the shipment as per the designated timeline.
The head of the Accounting Department at the Libyan Academy for Postgraduate Studies, Abubakr Abu Al-Qasim wrote an article entitled: “When You Are Kicked Out the Door, Don’t Try to Climb in Through the Window — That Fall Will Be Deafening!!”
“This morning, we came across a fabricated report claiming that the Central Bank re-evaluated its gold reserves on 31/12/2024 based on the current market price instead of the historical cost. Up to this point, the news is true — this is indeed a fact. However, the fabricated report added that the Government of National Unity instructed the Central Bank to take this step in order to seize the revaluation profits for the government. This is where the political exploitation of the report lies — this is where poison is slipped into the honey — and this is entirely false.
Let me recount the story as it is, from a purely technical accounting perspective, with no other aim than to enlighten public opinion.
First: It has been verified that this report did not originate from the Crisis Group at all. Upon direct communication with them, it was confirmed that they did not issue such a report. It is fabricated and has no connection to them whatsoever.
Second: Successive reports from the Audit Bureau, as well as a report from Deloitte Global (one of the Big Four accounting firms), confirmed that the Central Bank’s gold reserves were valued at historical cost and had not been re-evaluated based on current market prices.
This contradicts all international accounting standards, whether IFRS or even IPSAS (the International Public Sector Accounting Standards), which are applied in central banks across the world. Their report recommended correcting this error and revaluing based on current prices instead of historical cost.
Third: This step should have been taken long ago to present a fair financial position and performance of the Central Bank, and to demonstrate a high level of transparency to the public. This was not done by the former governor, despite Deloitte’s report and the Audit Bureau’s repeated calls for correcting this distorted situation.
Fourth: On 31/12/2024, the new management at the Central Bank responded to the Audit Bureau’s and Deloitte’s recommendations and corrected this distortion in the gold reserve value on the Bank’s financial statements by re-evaluating the gold based on current prices, in accordance with international accounting standards. Naturally, this step will result in significant profits amounting to billions, referred to as revaluation gains, due to the fact that such a step had never been taken since the Bank’s establishment. It is an excellent corrective measure that must be taken as part of the reforms led by the current administration — a step that should be appreciated and that should encourage the Central Bank to undertake further reforms.
Fifth: The Central Bank is not under the control of the government. It is an independent technical institution, and the government has no authority over it whatsoever. What the Central Bank of Libya did was a technical accounting procedure required by custom and international standards. As for the claim that the government could exploit these revaluation profits to increase spending or loot them — that is laughable. It is closer to comedy than to reality and is entirely unimplementable. It is simply political manipulation for the sake of political rivalries.
Sixth and finally: Who fabricated this report? What do they stand to gain from it? And why at this particular time? Don’t you agree with me that it was created by the same people who were shown out the back door of the Central Bank after the country suffered from their recklessness, the manipulation of the Libyan dinar’s value, and the collapse of the banking system — and now the same people want to sneak back in through the window as an alternative to a government they believe is on the verge of falling?
When you are kicked out the door, don’t try to climb in through the window — that fall will be deafening.“
The official website of the Central Bank of Libya (CBL) published today that the Governor conducted an inspection visit to assess the damage sustained by some of the Bank’s offices and vehicles on Sunday, May 18, 2025, as part of ongoing monitoring of the Central Bank of Libya’s status.
The Governor met with several department directors to discuss the Bank’s operational status and the banking sector’s continuity within the framework of Business Continuity Plan. The meeting focused on ensuring the provision of banking services to citizens ahead of the upcoming Eid al-Adha holiday. Key topics included expediting the disbursement of May salaries, should the relevant documentation be received this week, and coordinating with commercial banks and regional issuance departments to ensure liquidity availability and the uninterrupted delivery of electronic payment services to facilitate access for the public.
The meeting also addressed the resumption of correspondent banking relationships abroad to meet the banking sector’s foreign currency requirements for the settlement of letters of credit, thereby supporting the steady flow of commodities into Libyan market.
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.
Following recent events in the country, Wahda Bank announced it will enter into partial civil disobedience starting Saturday, May 17, 2025. The decision includes the full closure of all branches located in areas classified as unsafe and the suspension of all in-person banking services in these affected areas until further notice. The bank will continue offering digital banking services as much as possible to ensure essential transactions for citizens without compromising employee safety.
According to the bank, this decision was made out of necessity and concern for the lives of its employees and the safety of its institutions, after the failure of the relevant authorities to provide the required protection, despite repeated warnings and official communications.
The bank held the official authorities fully legally and morally responsible for the daily risks and threats facing the banking sector. It also reaffirmed that the bank will not compromise the safety of its staff or depositors’ funds amidst the ongoing security breakdown.
In a related development, Mediterranean Bank also issued a statement announcing an immediate entry into partial civil disobedience, including the closure of branches in unstable security zones and the limitation of services to remote digital channels to fulfill urgent customer needs. The bank issued an urgent call for responsible authorities to fulfill their legal and ethical duties in protecting institutions and citizens. It stressed that this decision is not aimed against the state or the people, but rather a warning cry and a clear rejection of the suspicious silence surrounding the current situation.
Likewise, Bank of Commerce and Development declared partial civil disobedience to protect the safety of employees and clients amid deteriorating security conditions in several areas and the increasing frequency of assaults and violations targeting workers in national institutions, including the banking sector.
The bank emphasized that this decision does not reflect an abandonment of its responsibilities, but stems from its commitment to the safety of its staff and the public, amidst a clear absence of state protection for sovereign institutions. It called on all official entities to assume their responsibilities and fulfill their legal duty in protecting banks, considering them a pillar of the state’s stability and financial security.
The International Crisis Group confirmed exclusively to our source that the circulated statement regarding the reassessment of gold reserves at the Central Bank of Libya, allegedly at the request of the Government of National Unity, is fabricated and completely false.
The International Crisis Group also denied issuing any report on the matter.
NBC News reported today, Saturday, that the Trump administration is working on a plan to permanently relocate up to one million Palestinians from the Gaza Strip to Libya, according to five individuals familiar with the matter who spoke to NBC News.
Two individuals with direct knowledge of the plans and a former U.S. official said the plan is being seriously considered to the extent that the administration has discussed it with the Libyan government.
NBC continued by stating that, in exchange for the resettlement of the Palestinians, the Trump administration would likely lift the freeze on billions of dollars in funds that the United States had frozen over a decade ago, according to the three individuals cited by the network.
The newspaper Africa Confidential reported that Colonel Muammar Gaddafi had hidden billions of dollars in American banks, and now influential figures in Libya are competing to gain control over this hidden wealth. The struggle for this fortune has ignited a fierce political battle in Tripoli — a battle so intense that it forced the official in charge of asset recovery to go into hiding out of fear for his life.
The paper stated that after three months in detention, Mohamed Al-Mensli, Director General of the Libyan Asset Recovery and Management Office (LARMO), was released, paving the way for him to resume efforts to recover up to 50 billion US dollars in Libyan assets.
According to the paper, Libya generated $1.25 trillion in oil revenues between 1972 and 2023, but hundreds of billions were stolen during Gaddafi’s rule, and most of the remaining spoils are held in Western banks.
The paper confirmed that Al-Mensli was detained by rival officials who were trying to recover Libya’s hidden wealth — some of which had been transferred to private accounts controlled by senior officials close to Gaddafi, or converted into gold deposits held by various African governments and used to fund military projects. A significant portion of the stolen money was invested in U.S. Treasury bonds and other securities secretly held in American banks to evade sanctions on Gaddafi’s regime.
Africa Confidential has reviewed documents supporting these claims, including a list of CUSIP numbers — unique identifiers assigned to securities in the U.S. and Canada — as well as other documents detailing how the funds entered the U.S. and the nominee ownership structures used.
The newspaper reported that these documents had been seized from the office of Gaddafi’s intelligence chief and son-in-law, Abdullah Al-Senussi, at the time of the regime’s fall and Gaddafi’s killing in September 2011. Al-Senussi was sentenced to death by a Tripoli court in 2015 but remains in detention. The documents have recently resurfaced and are reportedly still intact.
The financial transfers mentioned in the documents were carried out under direct orders from Gaddafi. His motives — to hide massive sums in the U.S. while Libya was under sanctions — remain unclear. Bankers and activists say he may have exported hundreds of billions of dollars during his rule, including vast quantities of gold to Africa, but little has been recovered so far.
The newspaper explained that LARMO plans to use the documents to pursue legal claims in the United States.
It added: “We understand they are preparing legal action concerning some of the bonds soon, including discussions with regulators, state prosecutors, law enforcement agencies, the FBI, and the U.S. Treasury.”
Jonathan Berman, a British expert in asset recovery assisting LARMO, stated: “Between 1994 and 2011, $17.03 billion was secretly invested in the U.S., mostly in Treasury bonds of varying maturities, using nominee entities, locations, and banking directions through Europe. At least another $10 billion was placed in bank deposits. Taking into account interest coupons on the securities and banking interest, we are talking about $45–50 billion funneled into the U.S. during Gaddafi’s rule despite sanctions.”
He added that the documents list 240 U.S. Treasury securities, some with ten-year or shorter maturities, others up to 50 years, with values ranging from under $1 million to over $20 million. They include inflation-protected bonds as well as Fannie Mae, Freddie Mac, and Federal Home Loan Bank of Dallas bonds. Some have matured, and the cash may be held in private bank accounts.
Investigators believe the funds were first moved to another country in the region, then to institutions in Germany and Switzerland, before being transferred to individuals with accounts in at least four U.S. banks. To date, it remains unclear how they evaded U.S. sanctions imposed between 1986 and 2004.
Preserving the Funds:
The task of securing, preserving, and managing these funds faces immense challenges. According to former U.S. Special Envoy to Libya Jonathan Winer, for Libya to reclaim the funds for its people, it must develop structures that prevent access until a stable political system is in place — otherwise, the assets could become a secret war chest for someone’s personal or political ambitions.
The paper quoted a prominent Libya analyst, unofficially, asking: “Many years have passed — what has LARMO actually recovered? What is its budget and strategy? Where is its headquarters?”
He added, “You cannot hold a senior position in the Libyan state without a deal. That’s how the system operates.”
He questioned, “What is Al-Mensli’s relationship with Dbeibeh’s administration? It’s extremely murky. Dbeibeh appointed Al-Mensli, yet made no public effort to secure his release or condemn his unlawful detention.”
Africa Confidential understood that no behind-the-scenes efforts were made either. However, Al-Mensli was not removed from his position — a decision within Dbeibeh’s authority, even nominally.
It turns out Al-Mensli spent his first two years in office opposing a lawsuit filed by the American law firm BakerHostetler in New York District Court — a case similar to what LARMO may now pursue. Filed by Anwar Aref, the suit aimed to compel Bank of America, Citigroup, JPMorgan Chase, UBS, HSBC, Credit Suisse, BNY Mellon, and Deutsche Bank to disclose financial records related to Gaddafi. Africa Confidential found no evidence that any of these banks hold Gaddafi-linked Treasury bonds.
Who detained lead investigator Al-Mensli — and why?
In early December 2024, Mohamed Al-Mensli, Director General of LARMO, met with officials from the U.S. administration, State Department, Department of Justice, and Treasury in Washington to notify them of LARMO’s intention to pursue claims and request cooperation in recovering funds in secret accounts.
His visit came just days before Libya’s Supreme Court upheld Prime Minister Abdulhamid Dbeibeh’s 2021 decision to appoint him as director — a ruling not subject to appeal.
These developments appear to have triggered Al-Mensli’s arrest in Tripoli on January 7. He was charged with unauthorized asset recovery efforts and holding dual citizenship — charges he denies.
Al-Mensli told Africa Confidential that before being detained by armed men, he had attended a meeting at the Administrative Control Authority in Tripoli where he was assured of his safety.
These oversight bodies, officially tasked with fighting corruption, have, under the leadership of Abdullah Mohamed Qadurbouh, become tools for political score-settling. Africa Confidential contacted the Authority and Qadurbouh for comment.
After the meeting, two armed men forced him into the basement of the Anti-Corruption Commission building.
“At that moment, I knew I was being kidnapped — or worse,” he said. LARMO colleagues waiting outside, alerted via a text message, intervened before disaster struck. He was then taken to Al-Judeida Prison, where he was held in harsh conditions, denied medication, and subjected to repeated interrogations.
According to Amnesty International, Al-Judeida is one of several prisons overseen by Osama Najim since 2021. Najim is a senior member of the Special Deterrence Forces, one of the most powerful armed groups in Tripoli, and was recently detained in Turin under an international arrest warrant from the International Criminal Court.
Al-Mensli said his interrogation aimed in part to pressure him into handing over asset recovery documents, relinquish control of LARMO, and allow others to use the assets as collateral for infrastructure deals worth hundreds of millions of dollars.
Jonathan Winer, the former U.S. envoy to Libya and distinguished fellow at the Middle East Institute in Washington, told Africa Confidential: “This was a deal struck by a variety of individuals trying to take over valuable assets — and Al-Mensli and LARMO were working hard to recover them.”
The newspaper added that after intense diplomatic pressure from Britain, Morocco, and other countries, Al-Mensli was released for health reasons — and has since gone into hiding, fearing further threats. The danger stems from the clear progress LARMO has made in reclaiming assets looted during the Gaddafi era — resources vital to Libya’s future. Control over these sovereign assets is crucial in a country whose economic and financial systems have been paralyzed for years by corruption.
ReliefWeb reported on Monday that the cost of the basic spending basket in Libya rose by 2.2% in March, reaching 902.92 Libyan dinars. This marks a reversal after two consecutive months of decline, indicating renewed inflationary pressure on the purchasing power of households.
According to the website, this nationwide increase is due to rising costs across all regions. The western region recorded the highest increase at +2.9%, reaching 867.91 LYD, mainly due to a significant surge in Zuwara by +18.1%, bringing its basket cost to 1,056.53 LYD. This spike is attributed to the closure of the Wazen border crossing, which disrupted trade and goods supply from Tunisia.
The site also noted that Kufra remains the most expensive market in the eastern region, with the cost of the full wheat basket slightly increasing by 0.5% to 1,060.37 LYD. This continued price rise is linked to the steady influx of Sudanese refugees and the associated pressure on local supplies. In the south, Murzuq recorded the highest basket cost nationally at 1,077.58 LYD, despite a slight drop of 0.6%, reflecting ongoing market isolation, insecurity, and recent military operations.
Despite increases across all regions, the site noted that price volatility remains high in Libya, with several municipalities experiencing moderate to sharp price declines.
The rise in the overall core price index in March was driven by increases in both food and non-food components. The national non-food core index rose by +8.1% to 113.38 LYD, largely due to a +24.1% increase in the south, which the site attributes to ongoing fuel supply restrictions.
