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The Central Bank of Egypt obtains huge sums of Qatari and Libyan deposits

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The Central Bank of Egypt said on Sunday that it had received huge deposits from Libya and Qatar late last year as Egypt grappled with a foreign currency shortage.

The Egyptian bank said that the two deposits are one billion dollars from Qatar, and the other amounted to 700 million dollars from Libya.

In particular, a shortage of US dollars has brought parts of the Egyptian economy to a standstill, forcing Cairo to delay payments for wheat and other necessities for months as it struggles to pay suppliers.

The deposits raise the levels of foreign exchange reserves of the bank to 34.7 billion dollars, as Qatar has a total of 3 billion dollars in the Central Bank of Egypt and Libya 900 million dollars.

The shortage of foreign currency is one of Egypt’s economic problems and it has to deal with huge payments for its foreign borrowing.

The announcement of new deposits comes as Cairo prepares for a visit to the International Monetary Fund in the first week of July. The International Monetary Fund approved a $3 billion loan to Egypt late last year.

This loan will only serve as a small aid to Egypt, and it is clear that Egypt faces a funding gap of $17 billion over the next four years.

Global Finance selects Bank ABC Labs as one of the “Best Financial Innovation Labs in the World”

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Bank ABC has won two distinguished awards at Global Finance’s much-coveted The Innovators Awards -2023. The Bank’s innovation and digitisation centre, ABC Labs, has been named as one of “the World’s Best Financial Innovation Labs”, a recognition given to leading financial innovation labs that are driving the digital revolution in the global banking industry. With its ground-breaking initiatives and a forward-thinking, agile innovation approach, ABC Labs was commended for driving transformative change in the region and beyond. 

ABC Labs, led by Bank ABC’s Group Innovation function, was launched in 2019 and operates from a cutting-edge facility, with state-of-the-art digital tools. The Labs run an extensive and unique enterprise-wide innovation programme aimed at disrupting traditional banking models. The ABC Labs team closely collaborates with customers, regulators, technology providers, financial institutions and fintech’s across the Bank’s global footprint to foster growth and transformation within the industry and broader economy. 

Bank ABC has also been presented with the ‘Top Innovations in Finance’ award, an accolade that underscores the Bank’s outstanding Digital Transformation Programme which delivers an unparalleled, personalised banking experience to corporates and individuals.

The Bank’s ongoing digital transformation journey is dedicated to building a digitally-empowered, sustainable ‘bank of the future’. Guided by an agile, Cloud-first digital innovation strategy, the multi-year initiative is designed to drive further operational efficiencies, disrupt legacy banking models and systems, and enable the Bank to achieve digital leadership by truly transforming the way banking services are delivered to its customers. 

Bank ABC’S Group CEO, Mr. Sael Al Waary said: “Innovation is at the heart of our strategy as we continue our digital transformation journey to build a more intuitive and sustainable bank of the future. We are honoured and proud to accept this prestigious recognition for our world-class innovation lab, ABC Labs. This award acknowledges our commitment to staying ahead of the curve and embracing emerging technologies such as AI, Blockchain and Data Analytics. It is a testament to our commitment to delivering enhanced customer experiences and encourages us to continue to invest in our innovation and digital initiatives.” 

“I would like to sincerely thank Global Finance for this recognition, our Board of Directors for their continued support for our ambitious innovation and digital transformation journey and, thank you to our dedicated employees across the Group for embracing innovation and continuously working to deliver the Bank’s vision for the bank of the future.” 

Global Finance’s Publisher & Editorial Director, Joseph Giarraputo notes, “Bank ABC continues to put digital innovation as a key strategic priority in providing world-class customer focused banking initiatives. It is playing a key role in the Gulf region’s first blockchain-based cross-border instant payment solution. Through ABC Labs, the Bank is collaborating with several central banks, including the Central Bank of Bahrain ‘CBB’, in studying and launching central bank digital currencies and is now scaling up its payment services for corporate clients.” 

Since inception, ABC Labs established the digital architecture and agile methodologies to enable the Bank’s strategic objectives. These steps enabled the launch of ‘ila Bank’ – a revolutionary digital mobile-only retail offering, and the development of an emotionally intelligent AI-powered digital assistant ‘Fatema’ among other achievements. 

Bank ABC’s digital transformation programme has resulted in multiple ground-breaking digital deployments. Most recently, the Bank introduced a regional-first digital corporate onboarding service, reducing the account opening process to less than a day.  It is also digitising its Supply Chain Finance, Documentary Trade Finance and Cash management businesses. 

In its eleventh edition, Global Finance Innovators Awards celebrates entities that consistently identify new paths and design innovative tools in finance. The winners were chosen by a distinguished editorial board in consultation with experts in the innovators’ areas of focus. ABC Labs excelled across the selection criteria and emerged as a winner of the Financial Services Company Labs category.

Exclusive: In implementation of the Central Bank’s plan, Jumhouria Bank reveals that 100 million Dinars have arrived at its branches in the east of the country

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Jumhouria Bank revealed, in an exclusive statement to our source, that a shipment of cash, worth 100 million dinars, had arrived at Benina Airport in Benghazi, to meet the needs of Jumhouria Bank customers in the eastern region.

This is within the framework of the Central Bank of Libya’s plan to provide liquidity and in cooperation with the liquidity team at the Central Bank of Libya.

Africa Intelligence: “The Paris Court of Appeal issues a ruling in favor of the NOC against a company in the Emirates”

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Today, Monday, the Paris Court of Appeal issued a ruling in favor of the National Oil Corporation against the Emirati energy company, Trasta, granting it full control of the Ras Lanuf refinery.

Africa Intelligence said that the ruling obliges Trasta to pay approximately $115 million in unpaid fees to the institution after it won a case on May 23 against Trasta, and the court rejected the latter’s request to cancel the case.

The site confirmed the possibility of the Corporation proceeding again with the evaluation of Trasta shares, indicating that the National Oil Corporation intended to authorize the International Chamber of Commerce to acquire Trasta shares in “Lerco”, and it brought an expert to do so.

According to the site, the two companies were part of the consortium of the Libyan-Emirates Oil Refining Company “Lerco”, which was established in 2008 to operate the Ras Lanuf refinery, before it faced difficulties after the revolution and closed its doors after two years.

Ben Ayed participates in the activities of the International Arbitration Conference in Libya

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The Chairman of the Board of Directors of LPTIC, Mr. Mohamed ben Ayed, accompanied by the head of the Administrative Control Authority, Professor Counselor Suleiman Al-Shanti, in the activities of the International Arbitration Conference in Libya, organized and supervised by the Administrative Control Authority and the Libyan Academy for Postgraduate Studies.

All the attendees stressed the importance of holding this conference in Libya, and the importance of arbitration in preserving the country’s commercial, economic and investment interests.

The conference, in which a group of the most prominent specialists in the field of local, Arab and international arbitration will participate, aims to spread the culture of arbitration, highlight its role and importance in investment, and benefit from successful experiences and practices locally and internationally in the field of international arbitration. In view of the latter’s advantages that made it the ideal means for resolving disputes between contracting parties, especially in the field of international contracts, because of being a means of attracting foreign investments, which are the aspects that the country needs in light of its exceptional circumstance to achieve stability.

Exclusive: Liquidity team reveals to our source that 60 million dinars have arrived in bank branches in Sebha

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The liquidity team at the Central Bank of Libya revealed, in an exclusive statement to our source, that at this moment a third shipment of liquidity, worth 60 million dinars, has arrived at Sebha Airport, allocated to bank branches in the southern region.

This is within the framework of the continued implementation of the Central Bank’s plan to provide liquidity in all branches of commercial banks, and in coordination with the Central Bank of Libya, Benghazi.

The team confirms that liquidity shipments will continue to be transported on a regular basis until Eid Al-Adha.

Exclusive: Sada has the advantage of publishing the Central Bank’s report on inflation rates

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Our source obtained exclusively the report of the Research and Statistics Department of the Central Bank of Libya regarding inflation.

The data issued by the Statistics and Census Authority – Ministry of Planning indicate that the general consumer price index rose during the first quarter of 2023 to record 293.5 points, an increase of 8.9 points on an annual basis, compared to 284.6 points during the same quarter of the previous year 2022, with the inflation rate recording ( 3.1%).

general inflation rate

(base year 2008)

YearInflation rate %
20159.9
201625.9
201725.8
201813.6
2019-2.2
20201.4
20212.8
20224.6
First quarter of 20233.1

Analysis of price trends in commodity groups during the first quarter of 2023

The inflation rate recorded during the first quarter of 2023 (on an annual basis) an increase in all commodity groups, the most prominent of which were as follows:

The food group prices increased by 3.9%.

– An increase in the prices of housing, water, electricity, gas and other fuels by 3.9%.

The prices of the clothing and shoes group increased by 3.3%.

– An increase in the prices of the other goods and services group by 3.0%.

The transportation group prices increased by 2.9%.

Health group prices increased by 2.7%.

The index for the foodstuff group reached 336.3 points, an increase of 12.8 points, equivalent to 3.9%, and the index for the tobacco group reached 265.5 points, an increase of 1.4 points, equivalent to 0.5%. The index for the clothing and footwear group also scored 443.0 points. That is, an increase of 14.1 points, equivalent to 3.3%. The index for the housing, water, electricity, gas, and other fuels group also increased, as it scored 193.9 points, an increase of 7.3 points, equivalent to 3.9%. Likewise, the index for the furniture and home appliances group increased by 8.2 points, to record 369.8 points, or 2.3%. As for the health group, it scored 354.4 points, an increase of 9.4 points, or 2.7%. The index for the transportation group increased by 6.1 points, to reach 213.2 points, equivalent to 2.9%. The index for the communications group also increased by 0.3 points, to record 83.9 points, an increase of 0.4%. The index for the entertainment and culture group scored 209.8, that is, an increase. by 3.3 points, equivalent to 1.6%, and the index for the education group increased by 1.1 points to reach 381.2 points, equivalent to 0.3%. As for the restaurants and hotels group, the index also increased, recording 348.9 points, an increase of 3.6 points and a rate of 1.0%. Likewise, the group of other goods and services witnessed an increase in the index by 9.0 points, recording 305.7 points, an increase of 3.0%.

Consumer price index and inflation by major groups (base year 2008)

OrderMajor groupsWeightFirst Quarter 2022First Quarter 2023Inflation rate (year-on-year)
1Food38.8323.5336.33.9%
2Tobacco0.7264.1265.50.5%
3Clothes and shoes6.4428.9443.03.3%
4Housing, water, electricity, gas and other fuels22.7186.6193.93.9%
5Furniture and appliances4.9361.6369.82.3%
6Health4.1345.0354.42.7%
7Transport8.1207.1213.22.9%
8Telecommunications2.783.683.90.4%
9Entertainment and culture2.8206.5209.81.6%
10Education4.0380.1381.20.3%
11Restaurants and hotels1.7345.3348.91.0%
12Other goods and services3.1296.7305.73.0%
General record100.0284.6293.53.1%

Source: Statistics and Census Authority, Ministry of Planning.

Inflation rates (January 2022 – March 2023) (base year 2008)

MonthMonthlyYearly
January– 20220.6 %4.1 %
February– 20220.9 %4.8 %
March– 20221.1 %5.7 %
April– 20220.3 %5.5 %
May – 2022-0.2 %5.2 %
June– 20220.1 %5.0 %
July– 20220.1 %4.3 %
August– 20220.2 %4.3 %
September– 20220.2 %4.3 %
October– 20220.3 %4.1 %
November– 20220.3 %2.9 %
December– 20220.1 %4.1 %
January– 20230.4 %3.8 %
February– 20230.2 %3.1 %
March– 20230.4 %2.4 %

Exclusive: Our source obtains the economic bulletin for the first quarter of 2023

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Our source obtained the Quarterly Economic Bulletin for the first quarter of 2023 issued by the Research and Statistics Department of the Central Bank of Libya, as it contained many important monetary, financial and economic data and indicators.

As the first quarter of the current year 2023 witnessed an increase in the money supply in the broad sense, or what is known as local liquidity, to record the money supply about 114.1 billion dinars, compared to 110.3 billion at the end of the previous quarter, this increase is due to the increase in the currency circulated outside the banking sector and demand deposits, as the currency traded outside the banking sector amounted to 2.6 billion dinars, and demand deposits increased by 1.4 billion dinars compared to what it was in the previous quarter.

The monetary survey indicated an increase in net foreign assets by 1.6 billion dinars, or the equivalent of about 327.4 million US dollars, to record net foreign assets of about 389.3 billion dinars at the end of the first quarter of 2023, compared to 387.7 billion dinars in the previous quarter.

The total assets of the Central Bank increased at the end of the first quarter by 10.4 billion dinars compared to what it was in the previous quarter, to record the assets of the Central Bank about 537.4 billion dinars.

The total currency issuance at the end of the first quarter amounted to 37 billion dinars, of which 3.3 billion dinars were in bank coffers, and about 33.9 billion dinars circulated outside the banking sector, meaning that it is with the public.

The combined total assets of commercial banks decreased from about 148.5 billion dinars at the end of the fourth quarter of 2022 to about 140.6 billion dinars at the end of the first quarter of 2023.

The total credit balance granted by banks increased from 23.0 billion dinars at the end of the fourth quarter 2022 to about 23.5 billion dinars at the end of the first quarter 2023, i.e. a growth rate of 2.4%. Loans and credit facilities granted accounted for 22.3% of the total deposit liabilities. Of the total assets, it accounted for 16.7%, and the balance of loans granted to the private sector at the end of the first quarter of 2023 amounted to 15.8 billion dinars, or 67.3% of the total loans and credit facilities granted, while the balance of loans granted to the public sector constituted the remaining 32.7%, which amounted to Its value is about 7.7 billion dinars.

Combined, commercial banks maintained a good level of liquidity in their coffers during the first quarter of 2023, as the cash balance in bank coffers in January 2023 reached about 2.9 billion dinars, and 3.5 billion dinars at the end of March 2023, and this improvement results from the success of the plan developed by the Central Bank of Libya to solve the crisis. Liquidity.

Customer deposits with banks also increased from 102.1 billion dinars at the end of the fourth quarter of 2022 to 105.3 billion dinars at the end of the first quarter of 2023, at a rate of 3.2%. Demand deposits accounted for 81.7% of total deposits, while time deposits accounted for 81.7% of total deposits. 18.0% of total deposits, while savings deposits constituted only 0.3% of total deposits.

With regard to the distribution of these deposits, private sector deposits at the end of the first quarter of 2023 amounted to 59.9 billion dinars, or 56.9% of the total deposits, while the balance of public and government sector deposits constituted the remaining percentage of 43.1%, or 45.3 billion dinars, of which 32.5 One billion dinars are deposits for public sector companies and institutions, and about 12.9 billion dinars are government deposits.

The economic bulletin issued by the Central Bank of Libya for the first quarter of 2023 indicated that public finance revenues amounted to 26.1 billion dinars during the first quarter of 2023, while expenditures amounted to about 18.0 billion dinars, divided into chapters of the general budget (salaries 13.1 billion dinars, administrative 904.2 million dinars, development budget 750.0 million dinars, and support recorded about 3.2 billion dinars). It should be noted that the Central Bank has published a detailed statement of revenue and expenditures for the first quarter of 2023.

The data of the Economic Bulletin for the first quarter of 2023, which is sourced from the Ministry of Planning – Department of Statistics and Census, indicates that the general index of consumer prices increased during the first quarter of 2023 to record 293.5 points, an increase of 8.9 points on an annual basis, compared to 284.6 points during the same quarter of the previous year 2022. The inflation rate was recorded at (3.1%).

The inflation rate also recorded an increase during the first quarter (on an annual basis) in all commodity groups, the most prominent of which were as follows:

The food group prices increased by 3.9%.

– An increase in the prices of housing, water, electricity, gas and other fuels by 3.9%.

The prices of the clothing and shoes group increased by 3.3%.

– An increase in the prices of the other goods and services group by 3.0%.

The transportation group prices increased by 2.9%.

Health group prices increased by 2.7%.

The bulletin contained recent data until the year 2022 on the oil sector. The tables in the bulletin show the quantities of crude oil production detailed by operating companies, as well as the quantities of oil exported, in addition to several other tables, including the production and exports of gas and petrochemicals, the quantities of domestic consumption of oil derivatives, and the prices of oil exports by type of crude and export ports.

Exclusive: Ghaith reveals to our source the reasons behind parallel exchange rates and raises questions!

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The member of the Board of Directors of the Central Bank of Libya, Mrajaa Ghaith, responded in an exclusive statement to our source, to what was discussed in the cabinet meeting regarding the parallel exchange.

He said that controlling the exchange rate is done through measures taken by the central bank and the government, represented by the Ministry of Finance. “Before you wonder about the role of parallel exchange rates, why don’t you try to discuss why parallel exchange occurs? Isn’t it due to the withholding of allocations from official institutions that are considered part of the state’s institutions? If the needs of those institutions were provided regardless of their locations, wouldn’t there be a need for what is called parallel spending?”

He continued, saying: “As for seeking false excuses and reasons and leaving aside the real reasons, the first of which is the absence of comprehensive management of the central bank and the absence of the Ministry of Finance from fulfilling its role in financial policy, and the lack of coordination between fiscal and monetary policies, and encroaching on the jurisdiction of others, isn’t it a challenge for the central bank to publish its delayed financial statements for ten years instead of performing the role of the Ministry of Finance?”

He also stated: “What was discussed and listened to was one perspective and cheap propaganda for fake achievements, and no one present raised the question of why parallel spending exists!”

Exclusive: Ghaith responds to Al-Kabeer’s denial of suspending trading, and clarifies several details

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A member of the Board of Directors of the Central Bank of Libya, Mrajaa Ghaith, responded, in an exclusive statement to our source, to the Central Bank of Libya’s denial of suspending trade, saying: “I was surprised by Mr. Seddiq’s response, as it seems far from professionalism and the ethics of a public official. Previously, he himself confirmed that the reason for suspending trading was the public debt in the Eastern region, although that is not true according to his own statement.”

He continued: “Although in all the meetings that we previously held with the World Bank and the International Monetary Fund, trading suspension is discussed, and Mr. Naji Issa was defending that report.” He added that “the Audit Bureau confirmed the trade suspension reports. The World Bank and the IMF confirmed that among the steps to unify the Central Bank to take good steps, the first of which is resuming trading.”

He added by saying: “I am not surprised by this response from Seddiq Al-Kabeer. However, how come that the head of the Audit Bureau and the ministers accept this speech? Do they not have knowledge of that according to his statement?”

The lawyer of the Belgian prince reveals important details about the case of the Libyan Investment Authority

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The lawyer of the Belgian Prince, Laurent Arnotts, told our source today, Monday, that the case between the Belgian Prince Laurent and the head of the Libyan Investment Authority, Ali Mahmoud, is still open, and has not been closed yet.

Arnotos added to our source that Laurent’s former non-governmental organization needs to implement judicial decisions condemning Libya to pay 50 million euros in compensation. The funds frozen in Belgium belong to Libya, but the son of the non-governmental organization wants to confiscate them.

Arnotos confirmed that the judicial investigation seeks to recover two billion euros from the hidden interest on the frozen funds, as the Public Prosecutor does not want to reveal the beneficiary of the illegal unfreezing of these billions, so they ordered Ali Mahmoud not to cooperate with the Belgian justice, and therefore the Belgian investigative judge issued an international arrest warrant and removed Interpol “red notice” this warrant from its database, however the warrant itself is still valid because it was confirmed by the Brussels Court of Appeal on February 21.

Al-Kabeer discusses several important topics with Hurndall

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The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, met with Caroline Hurndall, the UK Ambassador to Libya, in the presence of the economic advisor to the embassy, Simon Field.

This is to discuss consultations with the International Monetary Fund (IMF), the continuation of cooperation with international parties and institutions, the enhancement of the disclosure and transparency program, and the efforts of the Central Bank to raise the capabilities of commercial banks.

The meeting also touched on the need to encourage the role of the private sector in boosting the economy and the importance of the return of British companies and their contribution to reconstruction.

Exclusive: Administrative Control Authority reveals the reasons for the arrest of Adel Jumaa and successive decisions soon

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A high-ranking source in the Administrative Control Authority revealed in an exclusive statement to our source that the suspension of the Minister of State for National Unity Government, Adel Jumaa, was due to corruption cases that were confirmed against him.

The source confirmed to our source that there will be successive decisions stating the suspension of a number of ministers and officials of the national unity.

Exclusive: Our source obtains the offers of Libyana company for Hajj for 2023

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Our source has exclusively obtained the invitation of Libyana Company to bid for a number of advertising companies, in order to present a technical and commercial offer to provide and purchase Hajj requirements for the year 2023, according to the specifications attached to the pictures.

The specification brochure for Hajj necessities is a cotton Ihram for men – 10,000 men’s belts, 10,000 thermal water thermoses, 10,000 data tags for bags for garments drawn, 10,000 medium-sized bags of 23 kilograms for garments drawn.

Also, 10,000 small 10-kilo bags, 10,000 medium-sized bags for supervisors for papers and documents, 10,000 information cards, 10,000 cloth prayer rugs, 10,000 face towels, 10,000 umbrellas, 600 power banks for supervisors.