Skip to main content

Author: Amira Cherni

Exclusive: Sources to Sada – Central Bank to Withdraw 5-Dinar (6th Issue) and 20-Dinar (Old Issues) Notes

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Sources to Sada – Central Bank to Withdraw 5-Dinar (6th Issue) and 20-Dinar (Old Issues) Notes

Our exclusive sources told that the Central Bank of Libya is set to withdraw the 5-dinar note from the sixth issuance and the 20-dinar notes from older issues.

The Central Bank will also impose a commission on large deposit amounts from these denominations after a grace period, which will be determined at a later date.

According to the sources, this move comes after ensuring the availability of the newer, more secure 5, 10, and 20-dinar notes. The goal is to eliminate older currency associated with suspicions of corruption, forgery, and improper printing.

Exclusive: Central Bank to Banks – Work on Friday and Saturday to Accept 50-Dinar Deposits

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Central Bank to Banks – Work on Friday and Saturday to Accept 50-Dinar Deposits

Our source has exclusively obtained a circular from the Central Bank of Libya instructing commercial banks to continue operations on Friday and Saturday.

This measure is intended to give bank customers the opportunity to deposit 50-dinar banknotes, with the final deadline set for April 30.

Oil Price: Collapse in Libyan Oil Revenues Pushes Dinar Toward Freefall

Written by Amira Cherni on . Posted in News. No Comments on Oil Price: Collapse in Libyan Oil Revenues Pushes Dinar Toward Freefall

The oil-focused website Oil Price reported on Tuesday that the Libyan dinar has dropped to its lowest level ever, driven by a sharp decline in oil revenues and escalating political unrest. The Central Bank of Libya devalued the currency by 13.3% on April 6, setting the official exchange rate at 5.5677 dinars per US dollar in its first move since 2020. However, the black market rate soared to over 7.20 dinars per dollar, reflecting deepening economic instability.

According to the website, the devaluation drew criticism from key government entities. The Presidential Council and the High Council of State believe the move exacerbates Libya’s financial crisis and weakens citizens’ purchasing power. They pointed to the absence of a unified national budget and the proliferation of parallel spending bodies as major contributors to the crisis. These criticisms could ignite further unrest as rivalry continues between the two dominant tribal factions vying for control over institutions in eastern and western Libya.

The website also noted that in the meantime, political factions in eastern Libya shut down major oil fields in protest over disputes within the central bank, further shrinking oil exports — the country’s main source of foreign currency.

The Central Bank reported that public debt has now reached 270 billion dinars, with projections suggesting it could surpass 330 billion dinars by year’s end unless urgent financial reforms are implemented.

The report concluded by stating that while international observers are calling for political reconciliation and robust economic reform, Libyan officials face mounting pressure to restore market confidence and stabilize an economy teetering on the brink of a deeper crisis.

Shreeha for Sada: “NOC Changes Exploration Agreement by Increasing Foreign Partner’s Share at Its Own Expense”

Written by Amira Cherni on . Posted in News. No Comments on Shreeha for Sada: “NOC Changes Exploration Agreement by Increasing Foreign Partner’s Share at Its Own Expense”

The Middle East Economic Survey (MEES) newspaper published a report covering the discussions that took place during the launch of the exploration bidding rounds in both London and Houston, highlighting various aspects related to the National Oil Corporation (NOC).

Changes in Agreements

Engineer Masoud Ashour Shreeha stated to our source that the newspaper addressed the NOC’s move to change the Exploration and Production Sharing Agreement 4 (EPSA-4), which was introduced in the 2000s, to Exploration and Production Sharing Agreement 1 (EPSA-1), which was used in the 1980s. He explained that this change would increase the foreign partner’s share at the expense of the NOC’s own share.

Harsh Criticism from Companies

Despite the concessions made by the corporation, the newspaper confirmed that the NOC faced sharp criticism from the companies participating in the bidding round. These criticisms included allegations of corruption, the deteriorating security and political situations, and criticism directed at the performance of the Government of National Unity and the judiciary.

NOC’s Silence Raises Questions

The report stated that NOC officials did not respond to these criticisms, even though the chairman of the board and the board itself are supported by the Tripoli-based government. This silence – according to the newspaper – leaves a negative impression that may affect the interest of companies, especially international ones, in future rounds.

Shaken Confidence in Current Management

The newspaper concluded by referring to the results of a survey indicating that international companies have become well aware of the current state of the NOC, and confirmed that confidence in the corporation has been lost under the current administration, amid the absence of any signs of internal reform.

Exclusive: Banking Operations Department Begins Processing April Salaries for Public Sector

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Banking Operations Department Begins Processing April Salaries for Public Sector

Our source at the Central Bank of Libya confirmed exclusively that the Banking Operations Department has officially started transferring April 2025 salaries today, Monday, April 21, 2025.

The salaries are being transferred to public sector institutions across the country.

This move is part of the Central Bank’s ongoing efforts to ensure timely salary disbursement for state employees.

Africa Intelligence: Belqasim Haftar Heads to Washington to Pursue Economic Goals — Here’s What to Know

Written by Amira Cherni on . Posted in News. No Comments on Africa Intelligence: Belqasim Haftar Heads to Washington to Pursue Economic Goals — Here’s What to Know

According to French intelligence website Africa Intelligence, Belqasim Haftar, Director of Libya’s Reconstruction and Development Fund and son of Field Marshal Khalifa Haftar, is on his way to Washington D.C. this week for a series of key economic discussions.

The main objective of the visit, as per the report, is to attract American companies to invest and establish operations in eastern Libya. Belqasim is reportedly working to position the region as a viable destination for international business amid reconstruction efforts.

The highlight of the trip will be a two-day forum on development and reconstruction in Libya, which Belqasim Haftar is set to host in Washington on April 28–29. The event is expected to gather U.S. government representatives, private sector stakeholders, and international institutions to discuss opportunities and challenges in post-conflict development.

This visit underscores ongoing efforts by eastern Libyan authorities to bolster international partnerships and secure funding and expertise for large-scale infrastructure and development projects across the region.

Exclusive – Al-Bouri: Confident the New ATIB Board Will Make a Major Impact and Lead the Bank to the Forefront of Banking Innovation in Libya

Written by Amira Cherni on . Posted in News. No Comments on Exclusive – Al-Bouri: Confident the New ATIB Board Will Make a Major Impact and Lead the Bank to the Forefront of Banking Innovation in Libya

Noaman Al-Bouri, a shareholder in Al-Saray Bank for Trade and Investment (ATIB), extended his sincere congratulations to the bank’s newly appointed board of directors, expressing strong confidence in their ability to lead the institution toward greater progress, innovation, and institutional excellence.

Speaking to our source, Al-Bouri said:
“As a shareholder in the bank, I’m pleased to see a professional and experienced board taking charge. I know each member personally and have full confidence in their vision and capabilities. I am certain they will make a significant impact and help position ATIB at the forefront of banking innovation in Libya.”

He emphasized that this legitimate board is a far better alternative to the temporary committee, which the judiciary has already ruled illegitimate.

Al-Bouri also voiced his optimism about the bank’s future, underlining the importance of this phase and the board’s role in enhancing governance, driving digital transformation, and restoring the confidence of partners, shareholders, and clients:
“This is a critical moment in the bank’s history. With the right leadership in place, I believe Al-Saray is well positioned to lead the sector toward a more transparent, trusted, and customer-centered future.”

He affirmed his full support for the new board and wished them success in their upcoming journey.

Al-Bouri further stressed that legal proceedings will continue against those involved in the abuse of power and the defiance of judicial rulings:
“These are serious violations, and legal action will persist until full justice is served.”

He reaffirmed that the objective of these legal actions is to ensure such misuse of authority is never repeated. He also pointed to recent court rulings in favor of the original board, including a verdict from the Court of Appeals.

In conclusion, Al-Bouri reaffirmed his unwavering commitment to the rule of law and the independence of the judiciary, stating that these are non-negotiable principles under any circumstance.

Exclusive: Central Bank Authorizes Licensed Exchange Companies and Offices to Sell Foreign Currency with a 7% Profit Margin

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Central Bank Authorizes Licensed Exchange Companies and Offices to Sell Foreign Currency with a 7% Profit Margin

Our source has exclusively obtained a letter from the Director of the Banking and Currency Supervision Department at the Central Bank of Libya addressed to companies and currency exchange offices licensed by the bank.

The Central Bank issued instructions permitting these licensed companies and exchange offices to sell foreign currency with a 7% profit margin over the Central Bank’s official selling rate to commercial banks operating in Libya.

The exchange companies and offices will be subject to ongoing and regular monitoring, including field inspection visits, to assess their compliance with the Central Bank’s instructions. The Central Bank affirmed it will take legal action and enforce penalties as stipulated in Law No. (1) of 2005, which may include revoking the license of any company or office found violating these regulations.

As Part of Economic Reforms… Exclusive Sources to Sada: Central Bank Proposes Reducing Number of Libyan Embassies and Diplomatic Missions Abroad

Written by Amira Cherni on . Posted in News. No Comments on As Part of Economic Reforms… Exclusive Sources to Sada: Central Bank Proposes Reducing Number of Libyan Embassies and Diplomatic Missions Abroad

Our exclusive sources revealed that among the proposed economic reform package by the Central Bank of Libya is a recommendation to reduce the number of embassies and Libya’s diplomatic representation abroad.

The Central Bank of Libya had previously launched a set of reforms aimed at strengthening the value of the Libyan dinar and improving the country’s economic conditions.

Middle East: Libya Among the Top 10 Most Dangerous Countries for Financial Crimes… and Its Economy Feeds Armed Groups

Written by Amira Cherni on . Posted in Reports. No Comments on Middle East: Libya Among the Top 10 Most Dangerous Countries for Financial Crimes… and Its Economy Feeds Armed Groups

The 2025 International Economic Crime Index, published by “Secretaria”, a company specializing in legal consultancy and risk management, revealed that Libya has become one of the most vulnerable countries in the world to financial crimes. It ranks among the top 10 countries in terms of widespread financial corruption, money laundering, and organized economic crimes — exposing a fragile reality and rampant corruption that undermines both political and economic stability.

According to Middle East, this alarming ranking is no surprise; it reflects a clear deterioration in Libya’s regulatory and legal infrastructure amid a fragile political situation, chronic institutional division, and the growing dominance of armed groups. These conditions have turned the country into an open arena for corruption and cross-border financial crimes.

The report highlighted that Libya has recorded high levels of money laundering, taking advantage of weak regulatory systems and the absence of deterrent legislation, making it a central route for illicit funds, smuggling, and the financing of armed groups. Data also indicates a troubling rise in cyber financial crimes, which are expected to increase by 60% by the end of 2025, especially with the use of AI in fraud and financial breaches.

One of the most striking manifestations of Libya’s financial crisis is the transformation of the oil sector into a political tool wielded by the current government — particularly the Government of National Unity led by Abdulhamid Dbeibah — to buy loyalties and secure influence against political rivals. Both local and international reports confirm that oil revenues have not been used for reconstruction or improving citizens’ lives but rather to fund armed groups and grant economic privileges to security leaders and armed factions allied with the government.

The website added that the National Oil Corporation is among the institutions most exposed to political pressure, with its decisions now influenced by competing centers of power. Meanwhile, its revenues are distributed outside legal and transparent frameworks due to the absence of an effective oversight body capable of monitoring expenditures and holding those involved in corruption accountable.

The site noted that corruption in Libya is not limited to the oil sector. It extends to most vital sectors, such as infrastructure, energy, education, and banking. According to international watchdog organizations, around 40% of public projects were not implemented despite large budget allocations, while millions of Libyans live in deteriorating conditions and lack basic services.

The report further explained that the political and institutional divisions between East and West contribute to complicating the crisis, with state institutions being run in a dual manner. This creates overlapping jurisdictions, lack of coordination, and facilitates the operations of corruption and smuggling networks across borders and ports.

The site also mentioned that the international ranking’s implications did not go unnoticed at the United Nations, where the UN Security Council recently discussed the Libyan situation. Participants included Libya’s Permanent Representative Tahir El-Sonni, UN envoy Hanna Tetteh, and Russian envoy Vassily Nebenzia.

During the session, El-Sonni stressed the need to unify financial arrangements and the national budget, considering it the first step toward curbing corruption and ending the division. Meanwhile, the Russian representative warned that the financial crisis is worsening amid political division and the depreciation of the Libyan dinar, warning of a potential social explosion if the economic crisis is not seriously addressed.

Observers believe that continued neglect of corruption and money laundering will undermine any hope of rebuilding the state and erode international confidence in Libya’s governing institutions. The absence of accountability, they argue, will prolong division and feed the economy of armed groups, potentially turning Libya into a regional weak point used to finance other conflicts in North Africa and the Sahel region.

The site concluded by noting that amid this grim picture, experts agree that unifying financial and regulatory institutions, strengthening judicial independence, and imposing international oversight on public spending are essential steps to curb economic crimes and save Libya from total political and financial collapse.

Al-Zantouti to Sada: “The Tragic Dysfunction Cannot Be Fixed by Those Who Caused It”

Written by Amira Cherni on . Posted in Economic articles. No Comments on Al-Zantouti to Sada: “The Tragic Dysfunction Cannot Be Fixed by Those Who Caused It”

Financial analyst Khaled Al-Zantouti wrote to Sada Economic News:

Recently, many voices have risen calling for the need for financial and administrative reform, especially following the recent statement by the Central Bank Governor.

Here, I ask a somewhat innocent question: Where were some of these voices (and I do not generalize) that are now demanding public financial reform? Where were they all these years, despite repeated warnings about the dangers of financial and administrative disorder by some experts?

We saw nothing from executive officials—and perhaps some legislative ones—but a deepening erosion of even the most basic principles of governance and oversight in public finance. What’s even more baffling is that many of the voices now calling for reform come from those same executive and legislative authorities! Where were they? Did they only now notice this dysfunction? Only after the governor’s statement (the “inaugural speech”) just two weeks ago? Why didn’t they sit down together—with their experts and advisors—to try to address the catastrophe?

Sadly, they were preoccupied with their disgusting power struggles, through which they compete for spoils, using tools and bodies that have no legitimate foundation.

I say this: You cannot fix this tragic dysfunction using the same people who caused it, whether with good or bad intentions! You cannot kill the victim and cry at their funeral. You cannot fight corruption and mismanagement with the same corrupt individuals—both administratively and financially!

We must first return to the rule of law and apply it to everyone, without exceptions. Only then can we identify: Who? And for whom? Only then can we punish the wrongdoer and honor the innovator. Through that, true, sincere, and purposeful reform will begin.

Anything else? We’ll just be plowing the sea—and continuing to lament over ruins.

Nassiyah Writes: “The Collapse of the Administrative and Financial Oversight System in Libya – Causes and Consequences”

Written by Amira Cherni on . Posted in Economic articles. No Comments on Nassiyah Writes: “The Collapse of the Administrative and Financial Oversight System in Libya – Causes and Consequences”

Economic expert Dr. Abdussalam Nassiyah wrote an article titled: The Collapse of the Administrative and Financial Oversight System in Libya – Causes and Consequences

Administrative and financial oversight constitutes the cornerstone of any sound governance system, as it serves as a fundamental guarantee for protecting public funds and ensuring that government entities comply with laws and regulations.

In Libya, the Administrative Control Authority and the Audit Bureau were supposed to carry out this vital role according to the laws regulating their work. However, this system has recently been suffering from a rapid collapse that has rendered it ineffective.

The importance of effective oversight is evident in preventing financial and administrative corruption, ensuring efficient public spending, and strengthening the trust between citizens and the state. Nevertheless, the subordination of these bodies to individuals and their entanglement in political conflicts have turned them from tools meant to protect the public interest into instruments used in the struggle for power and resources.

Oversight bodies in Libya have become hostages to the political conflicts between rival parties, with their leadership appointments based on regional quotas, personal loyalties, and the influence of weapons and money. This has stripped them of their independence and turned them into tools of political conflict rather than neutral watchdogs.

The deep infiltration of political conflicts into the work of oversight bodies has transformed them from instruments of accountability into instruments of power struggles. Instead of focusing on their core functions of monitoring financial and administrative performance, these bodies have become parties in the political conflict, which has undermined their credibility and effectiveness.

One of the main reasons behind the collapse of the oversight system in Libya is the shift in the allegiance of its leadership from official institutions to individuals, political leaders, and militia commanders. Instead of being independent entities under the legislative authority as prescribed by law, oversight bodies have become subject to the will of individuals, political factions, and militia leaders, resulting in a loss of both sharpness and independence.

As a consequence, the weakening of oversight has led to the spread of corruption in Libya. Audit Bureau reports have revealed significant financial violations across various ministries and institutions. Without effective oversight, public funds have become prey to theft and waste.

Furthermore, the absence of effective oversight over the performance of government agencies has led to a decline in services provided to citizens, as resources are diverted from essential services to illegitimate channels.

Thus, the collapse of the oversight system has contributed to the erosion of citizens’ trust in state institutions, as there are no longer sufficient guarantees for the protection of public funds or the integrity of governmental transactions.

To reform the oversight system, the following must be ensured: • Guarantee the independence of oversight bodies from political conflicts, so their allegiance returns to constitutional institutions, not individuals—as the law stipulates. This requires a comprehensive reform of the appointment and dismissal mechanisms of their leadership. • Provide adequate legal and material protection for oversight employees to enable them to perform their duties without fear of retaliation or pressure. • Establish institutional mechanisms to follow up on the implementation of oversight report recommendations and create special prosecutors to handle violations and crimes.

Finally, the collapse of the administrative and financial oversight system in Libya represents one of the root causes of the continued crisis of the Libyan state. These bodies have shifted from tools meant to protect public funds into instruments used in political conflict.

Reforming this system requires genuine political will, starting with restoring the independence of oversight bodies, protecting them from political interference, enhancing their technical capacities, and ensuring the implementation of their recommendations.

Africa Intelligence: Amazigh Seek to Negotiate Share of Libyan Oil with Italy’s Eni

Written by Amira Cherni on . Posted in News. No Comments on Africa Intelligence: Amazigh Seek to Negotiate Share of Libyan Oil with Italy’s Eni

The French intelligence website Africa Intelligence reported on Friday that Libya’s Amazigh are seeking to negotiate a share of oil revenues with the Italian company Eni and Libyan authorities.

According to the French outlet, the ethnic group in Libya aims to secure a portion of the oil and gas wealth in their region, raising concerns about security at oil fields dominated by armed groups from Zintan. The report notes that tensions are escalating around this sensitive issue.

Exclusive: After Cancelling the Barter System, Fuel Imports to Proceed via Letters of Credit – Details Inside

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: After Cancelling the Barter System, Fuel Imports to Proceed via Letters of Credit – Details Inside

Our exclusive sources revealed that following the cancellation of the barter system today, the new mechanism for importing fuel will now be conducted through opening letters of credit with companies that previously supplied fuel. This new system takes effect starting today.

The Prime Minister of the Government of National Unity had affirmed to the Governor of the Central Bank of Libya the necessity of ending the barter system and transitioning to an alternative mechanism.

Exclusive: Central Bank Governor Continues Implementing a Package of Economic Reforms

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Central Bank Governor Continues Implementing a Package of Economic Reforms

The Governor of the Central Bank continues to lead a package of economic reforms and holds meetings with governments in both the West and East, as well as with officials across all Libyan cities, to strengthen the Libyan dinar and improve the country’s economic situation.

The first steps toward change have already been achieved, notably the termination of the currency swap mechanism, the unification of spending through the adoption of the general budget, and the preservation and stabilization of reserves from depletion.