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The Corporate Strategist of Medavia declares to our source about the return of flights between Tripoli and Valletta

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Steven Dutton, the Corporate Strategist and Brand Manager of the Maltese airline Medavia, told our source today, Monday, that: “We are here representing the Maltese airline Medavia. We provide multiple services to the aviation industry, and we have a headquarters in Malta and a branch also in Libya, specifically in Misrata.”

For his part, he added: “We have ground handling services in Libya and Malta and we also do design engineering and we also have additional services with our partners including maintenance of other types of crafts and we have a lot of partners and we can provide our services to other clients.”

Dutton explained that with regard to the return of Maltese aviation, it is difficult at the present time, but “we are looking for the possibility of starting direct air operations between Tripoli and Valletta, but we do not have any dates for return so far.”

Al-Ghoul declares to our source about the Libyan-Turkish agreement

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The researcher and specialist in oil affairs, Ahmed Al-Ghoul, stated exclusively to our source that: “The Libyan-Turkish agreement and what it aroused from opinions in the Libyan street between those who reject and support it, without knowing its details or its merits and its dimensions in the short or long term.”

He added: “Libya, according to this agreement, gained about 40,000 square kilometers in an area believed to be rich in natural resources, the most important of which is gas. It is strange and surprising to hear voices from within who believe the opposite and promote the idea of ​​colonialism.”

He continued: “As for what is being heard from abroad, this is a strong indication that this agreement is of very great importance, and this vast area to the Libyan state disturbed those countries. In addition, this agreement blocks the way for some states that have been trying to penetrate the oil establishment in Libya for years and will certainly push them to reconsider their accounts, especially, as the partner this time represents an important regional power represented by the Turkish state, and perhaps the recent confused statements and positions prove the validity of this.”

He concluded: “The government should take advantage of the surrounding conditions and invest urgently and quickly in these areas, as well as start exploration and development operations in them in cooperation with the Turkish partner to benefit from them in achieving huge economic returns that will contribute in one way or another to strengthening Libya’s geopolitical position and supporting stability and development in it. This will undoubtedly affect the economy and improve the living conditions of citizens.”

Our source confirms the arrest of the directors of the Airports and Civil Aviation Authority

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Our source confirmed that the Public Prosecutor’s Office arrested and imprisoned the former Minister of Transportation, Milad Maatoug, as the former director of the Airports Authority, the head of the Airports Authority, Mohammed Bait Al-Mal, and the head of the Civil Aviation Authority, Shaib al-Ain.

Our source stated that the arrest came against the investigations into one of the old cases that had not been resolved. He also added that the Public Prosecution Office had arrested and interrogated a number of employees of the Airports and Civil Aviation Authority.

Highlights of Al-Kabeer’s meeting with the Atlantic Council, including the indicators of the Libyan economy

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A meeting was held between the Governor of the Central Bank of Libya, Seddiq Omar Al-Kabeer, and his accompanying team with the Atlantic Council, in the presence of a group of American economic, financial and political experts, at the Atlantic Council headquarters in the American capital, Washington, at the invitation of the company.

The meeting dealt with indicators of the Libyan economy, developments in oil production and export levels, the initiative of the Central Bank of Libya for transparency and disclosure, and cooperation and technical support programs with American institutions.

Signing an agreement between Al-Wafa Bank and the Arab Financial Services Company to process digital payments

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Al-Wafa Bank has signed an agreement with the Arab Financial Services Company (AFS) to provide prepaid card processing services and a range of payment services digital value-added bank, and this was in the context of improving the financial situation of Al-Wafa Bank, and to provide high-quality services to customers. The signing ceremony was attended by the Chairman of the Board of Directors of Al-Wafa Bank, Ahmed Al-Shtiwi,  accompanied by the General Manager of the Bank, Abdul-Ati Al-Tabib, and on behalf of the AFS, there were the company’s general manager, Samer Suleiman, and the advisor to the Director General, Ibrahim Al Ibrahim.

As AFS, the leading provider of digital payment solutions and FinTech enabler in the Middle East and Africa region, its partnership will support Al-Wafa Bank’s digital transformation ambitions by sponsoring the Prepaid Cards Program for Al-Wafa Bank customers, which will allow them to provide more distinguished services and try a package of payment solutions advanced digital.

It is mentioned that Al-Wafa Bank has recently witnessed a clear improvement in its performance after the change in its board of directors, in line with the aspirations of the Central Bank of Libya to protect and improve the quality of banking services in the sector.

Jumhouria Bank announces the resumption of its services on Sunday

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‏ Jumhouria Bank
‏ announced the reopening of its doors on Sunday October 9/ 2022/ after updating the basic banking system .

The bank said to its customers that their understanding during the closure period is greatly appreciated, while offering apologies for any inconvenience this may cause, while stressing that it remains committed to providing high quality services .

Our source obtains the report of the Banking and Monetary Supervision Departmen regarding the commercial banks’ use of foreign exchange

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Our source obtained a copy of the Central Bank of Libya’s report regarding the banks’ use of foreign exchange, as the total foreign exchange expenditures for all purposes during the first nine months of the current year 2022 amounted to about 17,873.0 million dollars, compared to 18,114.0 million dollars during the same period last year 2021, which represents a decrease of about 241.0 million dollars.

Within the framework of the Banking and Cash Control Department’s follow-up to the accepted purchase requests for documentary credits and remittances, submitted by commercial banks through the system for following-up requests for coverage, and foreign exchange sales for personal purposes, in accordance with the decision of the Board of Directors of the Central Bank of Libya No. 1 of 2020 regarding amending the exchange rate of the Libyan dinar and Banking and Monetary Control Department Circular No.9 of 2020, Commercial banks’ use of foreign exchange during the first nine months of the current year 2022 accounted for 66.9% of total expenses, to record about 11,957.8 million dollars, compared to 14,085.1 million dollars during the same period of the last year 2021, which represents a decrease of about 2,127.3 million dollars.

The total amounts of foreign exchange sold to commercial banks during the period from the 1st of January to 9/30/2022 through the system for following up on coverage requests, and foreign exchange sales for personal purposes at the Central Bank of Libya amounted to about 11,957.8 million dollars, compared to 14,085.1 million dollars during the same period of the last year 2021, representing a decrease of about 2,127.3 million dollars.

Aman Bank for Commerce and Investment was the most bank using foreign exchange, reaching about 16.5% during the first nine months of 2022 out of the total value of the amounts sold to banks, with a value of about 2.0 billion dollars, followed by Jumhouria Bank with about 1.6 billion dollars, then comes the National Commercial Bank, Yaqeen Bank, Nuran Bank, the Libyan Islamic Bank, Wahda Bank and The United Bank for Commerce and Investment in terms of relative importance.

The value of their foreign exchange use during the period, respectively, amounted to 1.4 billion dollars, 1.3 billion dollars, 900.0 million dollars, 878.6 million dollars, 802.0 million dollars, and 768.8 million dollars.

Geographical distribution of coverage requests:

European countries are the most regions to which commercial banks transferred foreign exchange to cover letters of credit or other remittances, as their relative importance during the period amounted to about 51.3% of the total foreign exchange requests, due to the geographical proximity, which plays a major role in increasing the volume of trade exchanges between Libya and the European countries, then the Arab countries came in relative importance with 21.4% of the total requests, while the Asian countries accounted for 18.4% of the total requests, and the countries of North, Central and South America and other European countries accounted for 7.8%. The data indicate weak trade exchanges between Libya, African countries, Australia and New Zealand.

According to the report, goods, and services of European origin and the countries of Turkey, China and Tunisia topped the list of the most important countries during the period of the 1st of January to the 30th of September 2022, as the percentage of requests from those countries amounted to about 51.8% of the total.

First: Purchase orders according to the most important ten commodities – the private sector:

Foreign exchange purchase requests by commercial banks of the private sector for various foodstuffs ranked first out of the total purchase requests during the period, accounting for 17.6% of the total foreign exchange purchase requests, while requests to cover importing the production requirements of basic commodities ranked second in terms of relative importance to constitute 14.5%, while feed cover requests, production and operation requirements, accounted for 11.9% and 11.0%, respectively.

According to the report obtained by our source, the foreign exchange purchase requests of commercial banks of the public sector for the requirements of operating the iron and steel plant ranked first out of the total purchase requests during the period, as it constituted 30.2% of the total foreign exchange purchase requests, while requests to cover requests for production requirements of basic commodities ranked second in terms of relative importance, constituting 11.2%, while requests for importing machinery and equipment constituted 10.0% of the total.

Central Bank of Libya reveals revenues and expenditures until the end of last September

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The Central Bank of Libya, issued its monthly statement of public revenues and expenditures, which covers the period from January 1 to September 30, 2022.

According to the Central Bank, total oil sales revenues amounted to 89.7 billion, and total expenditures amounted to 67.2 billion.

In detail, the Central Bank said revenues from oil sales amounted to 67 billion, while revenues from oil royalties amounted to 9.5 billion, and revenues from oil royalties for previous years amounted to 11.4 billion, while tax revenues amounted to 787 million, customs revenues amounted to 146 million dinars, while communications revenues amounted to 146 million and revenues from the sale of fuels of the local market has reached 115 million, and other revenues amounted to 584 million, with a total of 89.7 billion.

Expenditures, according to the Central Bank, in detail, related to the salary section amounted to 32.2 billion, related to the operating expenses reached 6.9 billion, related to the section of development reached 378 million, related to the section of support 12.6 billion, related to the section of emergency was 0, and the extraordinary National Oil Corporation budget reached 15.2 billion, with a total of 67.2 billion.

The liquidity team of the Central Bank to our source: “60 million arrived at Benina Airport and here is the target for transportation during this week”

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The liquidity team of the Central Bank of Libya revealed exclusively to our source that at these moments, a liquidity shipment worth 60 million arrived at Benina Airport in Benghazi, coming from the Central Bank of Libya, Tripoli.

This is within the framework of the Central Bank of Libya’s plan to provide liquidity in all branches of commercial banks and in all regions of Libya.

The liquidity that has arrived is allocated to the branches of the Wahda Bank. The liquidity team at the Central Bank of Libya is working to transfer liquidity shipments to the rest of the branches of banks in the eastern region, as it is targeted to transfer 400 million dinars during this week and next week to the branches of Wahda Bank, Jumhouria Bank, National Commercial Bank and North Africa Bank.

The Central Banking and Monetary Control Department issues its first report on banks’ uses of foreign exchange

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In line with the principles of disclosure and transparency adopted by the Central Bank of Libya, the Banking and Monetary Control Department at the Central Bank of Libya issued today its first report on “Commercial Banks’ Uses of Foreign Exchange” during the period: (1/1 to 31/8 – 2022) “which is a detailed report that contains a comprehensive analysis of the commercial banks’ uses of foreign exchange, through the system to follow up on coverage requests, and foreign exchange sales for personal purposes at the Central Bank of Libya:

– The total amounts of foreign exchange sold to commercial banks during the period from 1/1 to 8/31/2022 through the system for following up on coverage requests, and foreign exchange sales for personal purposes at the Central Bank of Libya amounted to about $10,821.0 million, compared to $12,477.7 million, during the same period last year 2021, with a decrease of about $1,656.7 million.

– Aman Bank for Commerce and Investment was the most bank using foreign exchange, reaching about 16.6% during the first eight months of 2022 out of the total value of the amounts sold to banks, with a value of about $1.8 billion, followed by Jumhouria Bank with about $1.5 billion, then the National Commercial Bank, Yaqeen Bank, Nuran Bank, Libyan Islamic Bank, Wahda Bank and The United Bank for Commerce and Investment in terms of relative importance. The values of their foreign exchange use during the period, respectively, amounted to 1.3 billion dollars, 1.1 billion dollars, 806.9 million dollars, 770.7 million dollars, 701.3 million dollars, and 698.8 million dollars.

– European countries are the most regions to which commercial banks transferred foreign exchange to fill the letters of credit or other remittances, as their relative importance during the period amounted to about 51.4% of the total foreign exchange requests, due to the geographical proximity, which plays a major role in increasing the volume of trade exchanges between Libya and European countries, then Arab countries come in relative importance with 21.5% of the total requests, while Asian countries accounted for 18.4% of the total requests, while North, Central and South America and other European countries accounted for 7.8%.

– Data indicate weak trade exchanges between Libya, African countries, Australia and New Zealand.

– Foreign exchange purchase orders for the private sector commercial banks for various foodstuffs ranked first out of the total purchase orders during the period, accounting for 17.6% of the total foreign exchange purchase orders, while requests to cover the import of basic commodities production necessities ranked second in terms of relative importance to form 15.0%, while feed cover requests, production and operation requirements, accounted for 11.2% and 11.0%, respectively.

– Foreign exchange purchase requests by commercial banks for the public sector for iron and steel plant operating requirements ranked first out of the total purchase requests during the period, accounting for 26.8% of the total foreign exchange purchase requests, while requests to cover the import of machinery and equipment ranked second and constituted 11.1%, and the demands for production requirements of basic commodities constituted 10.8% of the total.

During his meeting with our source, Al-Mismari explains the current services provided by the National Commercial Bank, that will be launched soon

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The Assistant Director of Retail Sales at the National Commercial Bank, Nasr Al-Mismari,  spoke in an interview with our source, about the electronic services provided by the bank, where he said: “We have among the services the Numo card, which is used on self-withdrawal machines scattered throughout Libya and with a ceiling Daily withdrawal of 700 dinars. The holder can purchase through it at points of sale, with a daily ceiling of 4000 dinars.”

Al-Mismari continued by introducing their products, saying: “Among the products that the NCB offers to its customers is Imtiyaz card in partnership with the Tadawul Company, where it operates on a trading network of more than 12,000 points with a daily purchase ceiling of 4,000 dinars.”

He also spoke, explaining about the Yussor Pay service, where he said: “This service is done through mobile payment with a daily purchase ceiling of 2000 dinars to 100 thousand dinars. The NCB has provided its customers with Mobi Mal application, which is an application that enables those who download it to manage His account without going to the bank, by managing local and international cards as well, inquiring about the balance, purchasing cards and transferring money. The application also has subscribers’ packages, including the silver card, which is limited by ceilings, and also the golden card is limited by ceilings.”

He also said: “The National Commercial Bank sought to download the idea of ​​the MCB Business application, which is for merchants, and through it four accounts can be linked and money can be moved through it to them without going to the bank. In the number of ATMs scattered throughout Libya, and the branches that have been promoted in the new system, electronic services will be provided to them and ATMs for this matter.”

He concluded his speech by saying: “We are now, in turn, studying the market in order to think of products that are in line with the nature of individuals. Now we have a product for students and products for state employees in various fields, and all of this will be launched in the near future.”

Ministry of Finance says the final proposal for the salary system in public entities funded by the public treasury is ready

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The Minister of Planning and of Finance of the Libyan government mandated by the House of Representatives, Osama Hammad, confirmed the readiness of the final proposal for the salary system in the public entities funded by the public treasury, which was referred by the Libyan government to the House of Representatives for presentation, and will be approved in the upcoming sessions.

Hammad indicated that the proposal was referred to the General Budget Law for the year 2022, after many consultations and meetings by the committee formed in particular, which included experts and advisors from the Finance Committee of the House of Representatives, the Central Bank of Libya, the Ministry of Finance and the National Planning Council.

The issuance department in the Central Bank addresses the banks to follow up on their branches and provide them with liquidity, and the heads of departments in the cities inform the banks about this

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Our source obtained exclusively from the correspondence of the director of the issuance department at the Central Bank of Libya to the general managers of the banks, where he asked them urgently to follow up on their branches and provide them with the necessary liquidity with the possibility of increasing the ceiling of withdrawals for citizens, especially the branches of banks located outside Tripoli, and to quickly communicate with the issuance department and its issuance departments to coordinate with them, to receive their liquidity needs and provide their branches with it.

On their part, the issuance managers in the regions addressed the bank branches to expedite submitting their proposals to meet the liquidity needs of their branches.

Central Bank liquidity team for our source: 60 million arrived in Benghazi, allocated to the branches of the Jumhouria Bank 

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The liquidity team of the Central Bank of Libya revealed exclusively to our source the arrival of these moments a liquidity shipment worth 60 million dinars to Benina Airport in Benghazi, coming from Tripoli to the branches of the Jumhouria Bank.

This is within the framework of the Central Bank of Libya’s plan to provide liquidity in all branches of commercial banks.

The liquidity team is working to transfer cash shipments to the rest of the bank branches in the Eastern region in preparation for the disbursement of September salaries.