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Ali Mahmoud announces the victory of the Libyan Investment Authority in court against the Kuwaiti M. A. Kharafi & Sons Company

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The Chairman of the Board of Directors of the Libyan Investment Authority, Ali Mahmoud, announced the victory of the institution in court against the Kuwaiti M. A. Kharafi & Sons Company, which, during the past years, made an executive seizure of the assets of the institution in France, with a value of one billion and 200 million dollars, through which M. A. Kharafi & Sons Company seeks to pay off an alleged debt to the Libyan state. The Libyan Investment Authority confronted the M. A. Kharafi & Sons Company’s attempt and refused to use the institution’s funds to pay these debts, and these efforts culminated in the issuance of a court ruling by the French Monetary Court in favor of the institution.

This ruling also invalidated the executive seizures submitted by the M. A. Kharafi & Sons Company against the assets of the Libyan Investment Authority, as the funds were returned to the institution, and it became in control of its funds and has the representative right to these funds, and the funds are subject to international freezing decisions, and works to review and match these funds and ensure its situation.

The Central Bank reveals revenues and expenditures until the period of the end of August

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The Central Bank of Libya’s report on revenues and expenditures until August 31 revealed that oil sales revenues are 56.9 billion.

Also, revenues from oil royalties are 8.4 billion, and revenues from oil royalties for the previous years are 11.4 billion.

Tax revenues are 715 million, customs reached 59 million, telecommunications are 146 million, fuel sales in the local market are 115 million, and other revenues are 544 million, as the total revenue is 78.3 billion.

According to the central report, the total spending until the end of August amounted to 57 billion, with salaries amounting to 24.4 billion.

Expenditures amounted to 5.3 billion, development reached 235 million, support reached 11.9 billion, emergency are 0 and the exceptional budget of the National Oil Corporation are 15.2 billion.

The Central Bank publishes the details of requests for opening documentary credits

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The Central Bank of Libya published the details of requests for opening documentary credits that were implemented during the period from 25/08/2022 to 08/31/2022.

This is based on the circular of the Banking and Monetary Control Department of the Central Bank of Libya No. 9 of 2020 dated 12/31/2020 regarding the regulations governing the procedures for opening documentary credits and in reference to paragraph No. 5 of the general controls in the aforementioned circular, which requires the approval of the requesting parties to open the credits. The Central Bank of Libya shall publish their details.

Central Bank to our source: August’s salaries are received by the Operations Department, and these are the details 

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An official source at the Central Bank of Libya said exclusively to our source that the salaries for the month of August were received by the Operations Department of the Central Bank of Libya.

From tomorrow, Tuesday, the bank will begin transferring it to the accounts of all parties with commercial banks.

The liquidity team reveals to our source the arrival of 60 million to Sebha 

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The liquidity team of the Central Bank of Libya revealed exclusively to our source that these moments arrived at the airport of the city of Sebha, a liquidity shipment of 60 million dinars coming from Tripoli to the issuance department of the Central Bank of Libya, Sebha.

The liquidity team is working to transfer other shipments to the rest of Libya, 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.

Dbeibeh and Erdogan chair an important meeting that includes economic agreements between Libya and Turkey

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Today, a meeting was held under the chairmanship of Turkish President Recep Tayyip Erdoğan and Prime Minister of the National Unity Government, Abdul Hamid Dbeibeh, to follow up on the political file in addition to several economic, military and political files.

The governor of the Central Bank of Libya and the two ministers of state for cabinet affairs, communications and political affairs, the advisor to the central governor, the head of Turkish intelligence, the advisor to the Turkish president, and the head of the communications department of the Turkish presidency attended from both sides.

The meeting discussed many economic files in the public and private sectors.

The Turkish president affirmed its support and cooperation with Libya in all fields, including the economy. A work program was agreed upon between the two countries, including military and energy cooperation, as well as the return of Turkish companies to complete the stalled projects.

In conclusion, the Turkish President was invited to attend the first Turkish-Libyan Forum to be held next November in the presence of specialized Turkish companies, and he welcomed that.

The Russian Foreign Ministry talks to our source about the date of opening its embassy in Tripoli

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An official source from the Russian Foreign Ministry revealed today, Friday, that it is expected to reopen the Russian embassy in the Libyan capital, Tripoli, soon.

He added to our source that: “The exact date of the opening of our Russian embassy in Tripoli is not yet known.”

Bank ABC emerges the Middle East Winner of The Banker Transaction Banking Awards 2022

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Bank ABC, MENA’s leading international bank, has won The Banker Transaction Banking Awards 2022, for the Middle East by the Financial Times. The Banker’s highly coveted awards are an industry benchmark for banking excellence, adjudged by industry stalwarts and its top editors.

The award stands testament to Bank ABC’s consistent efforts to develop a stronger, more resilient bank for its corporate banking clients, by way of accelerating its ambitious digital transformation programme, driven by innovation, in thought and action. 

This win comes on back of Bank ABC’s aims, objectives and ambitious strategy that is enhancing its Transaction Banking offering.  The accelerated transformation programme has started showing increasing total trade volumes that have supported subsequent annual market share growth. 

Commenting on this achievement, Bank ABC’s Acting Group CEO, Mr. Sael Al Waary remarked: “It is our great honor to win The Banker’s Transaction Banking Award for the Middle East, and I thank the Financial Times for this esteemed recognition. We at Bank ABC recognised early, that adopting a “digital-only” model is the only way forward for our industry and have been steadfast in developing the “bank of future.” It is our focused strategic direction that has resulted in enhanced customer engagement and improved returns for the Bank, and in addition to that, extensive recognition.”

In their evaluation, the judges took into account how “busy” Bank ABC has been, “Working on wholesale banking digital transformation programme, starting with Global Transaction Banking with digital capabilities gone live across Cash Management, Documentary Trade and Supply Chain Finance.” 

“As we gain further momentum on this strategic programme, I believe we should also take a moment to recognize that our efforts are not just transforming Transaction Banking business within Bank ABC but are driving a larger transformational impact on the industry in the region,” remarks Amr ElNokaly, Group Head of Wholesale Banking at Bank ABC. “Such recognition indeed reinforces our confidence in our efforts to take Transaction Banking in the Middle East to the next level.” 

Winning this accolade has further solidified Bank ABC’s position as the bank of choice in the MENA region, as it continues to stand out for offering unmatched, market-leading financial services. 

Through the Security Council session, DiCarlo confirms the possibility of closing the oil fields again

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Under-Secretary-General for Political Affairs and Peacebuilding, Rosemary A. DiCarlo, said through the Security Council session yesterday, Wednesday, that it is very important to talk about economic developments in Libya, as oil production resumed in July after a closure that lasted nearly three months and production reached pre-closure levels of 1.2 million barrels per day by the end of the month, with plans to increase further.

DiCarlo confirmed that it is possible to close the oil fields again, due to the lack of basic services and the increasingly poor living conditions in the south of the country.

She pointed out that Libya’s natural resources belong to all Libyans, and revenues from oil exports must be fairly and equitably distributed.

Dbeibeh signs two cooperation agreements with his Maltese counterpart

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Yesterday, Wednesday, August 31, the Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, signed two cooperation agreements with his Maltese counterpart, Robert Abela, in the Maltese capital Valletta.

The two agreements provided for joint cooperation in the field of electrical interconnection and renewable energies, and activating the work of the Libyan-Maltese Joint Committee to review the agreements concluded between the two countries.

The Central Bank issues the quarterly report on the most important financial data and indicators for commercial banks

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The Research and Statistics Department of the Central Bank of Libya issued the quarterly periodic report that our source obtained exclusively on the most important financial data and indicators for commercial banks for the second quarter 2022, which is a “detailed report that contains many data and indicators for commercial banks operating in Libya.”

The financial data and indicators included in the report on commercial banks at the end of the second quarter 2022 witnessed some changes compared to what they were at the end of the second quarter 2021, as follows:

The number of banks operating in Libya and whose data are included in the report reached 20 banks (including the Libyan Dinar unit of the Libyan Foreign Bank) until the second quarter of 2022. These banks operate through 575 banking branches and agencies.

The total assets of commercial banks (excluding regular accounts) increased from 140.6 billion dinars at the end of the second quarter 2021 to about 142.6 billion dinars at the end of the second quarter 2022, with a growth rate of 1.4%. The liquid assets (amounting to 94.5 billion dinars) represented 66.3% of the total assets.

The ratio of liquid assets with commercial banks to total assets reached 66.3% at the end of the second quarter of 2022, most of which represent deposits with the Central Bank (on demand, including mandatory reserves as well as certificates of deposit).

The volume of loans to total deposits in the banking sector reached 21.8% at the end of the second quarter of 2022, which is a small percentage, while the ratio of deposits with banks to total assets was 68.1%.

The deposits of commercial banks (on demand and certificates of deposit) with the Central Bank, including the mandatory reserve, decreased from about 82.3 billion dinars at the end of the second quarter of 2021 to about 78.2 billion dinars at the end of the second quarter 2022, with a rate of 5.0%.

The total balance of credit granted by commercial banks increased from 17.8 billion dinars at the end of the second quarter 2021 to 21.2 billion dinars at the end of the second quarter 2022, with a growth rate of 19.1%. The loans and credit facilities granted to the total deposit liabilities accounted for 21.8%, and accounted for 14.8% of the total assets, and the balance of loans granted to the private sector at the end of the second quarter 2022 amounted to 15.2 billion dinars, and 71.7% of the total loans and facilities. The credit granted, while the balance of loans granted to the public sector constituted the remaining 28.3%, which amounted to about 6 billion dinars.

The coverage ratio of the provision for doubtful debts for the total loans and facilities granted reached 17.7% in the second quarter of 2022, compared to 20.2% in the second quarter of 2021.

Customers’ deposits with commercial banks decreased from 99.2 billion dinars at the end of the second quarter 2021, to 97.1 billion dinars at the end of the second quarter 2022, at a rate of 2.1%. Demand deposits constituted 80.1% of the total deposits, while time deposits constituted a percentage of 19.6% of total deposits, while savings deposits constituted only 0.3% of total deposits.

With regard to the distribution of these deposits, the private sector deposits at the end of the second quarter 2022 amounted to 56.5 billion dinars, or 58.2% of the total deposits, while the balance of public and government sector deposits constituted the remaining 41.8%, which is 40.6 billion dinars, of which 27.6 billion dinars deposits for public sector companies and institutions, and about 13.1 billion dinars in government deposits.

Total equity in commercial banks increased from 6.7 billion dinars at the end of the second quarter of 2021 to 7.9 billion dinars at the end of the second quarter of 2022, at a rate of 19.1%.

The profits of commercial banks (before deduction of provisions and taxes) during the second quarter of 2022 decreased by 18.3% to reach 673.7 million dinars, compared to what they were during the second quarter of 2021, which recorded about 824.5 million dinars.

The balance of cash in safes and clearing accounts increased by 2.3 billion dinars, which is 24.3%, to reach 11.7 billion dinars at the end of the second quarter 2022, compared to 9.4 billion dinars at the end of the second quarter 2021, where the balance of cash in bank treasuries increased by 417.7 million dinars, while the item clearing accounts increased by 1.9 billion dinars at the end of the second quarter of 2022 compared to what it was in the same period of the second quarter of 2021.

The balance of commercial banks’ deposits with the Central Bank and other banks and between them amounted to about 90.4 billion dinars at the end of the second quarter 2022, compared to 94.5 billion dinars at the end of the second quarter 2021, a decrease of 4.1 billion dinars, as a result of a decrease in their deposits with the Central Bank as well as their deposits among them by about 356.6 million dinars, in addition to a decrease in its deposits with the Libyan Foreign Bank.

The total item of the investment balance of commercial banks at the end of the second quarter 2022 scored about 4.6 billion dinars, compared to 4.5 billion dinars at the end of the second quarter 2021, with a growth rate of 2.7%. This increase came as a result of the increase in the item of other investments.

The capital adequacy ratio recorded 17.4%, as the Libyan banking sector enjoys high capital adequacy, sufficient to face any risks that may occur, as its ratio ranged between 10.7% and 19.2% during the period (2012 – Q2 2022), which is generally higher and with a comfortable margin of the percentage specified by Basel Committee on Banking Supervision, which is 8 %.

Shakshak reveals to our source the details of the agreement signed today and the date of issuing the Bureau’s report 2021

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The head of the Tripoli Audit Bureau, Khaled Shakshak, said exclusively to our source, during the signing ceremony of a cooperation agreement that serves the public sector and concerns projects with the Economic and Social Development Council, that: “Today’s session is a meeting where several topics were discussed, the most important of which are: how can the Audit Bureau and the National Council for Economic Development within the framework of their terms of reference and how they can cooperate. The goal is to improve state institutions, as the Economic Development Board is concerned with drawing policies and putting them in plans.”

He added: “The Audit Bureau always focuses on its report, especially on the reports concerned with performance, and we always note that government institutions do not contain policies, plans, programs and goals. We are trying with the Council to push in the direction of having public policies at the state level, whether in the service and development sectors, where there are plans, programs and goals, followed by the Bureau, whose role comes to monitoring performance, and through this cooperation, there will be benefit for state institutions in general and for the Bureau in particular with regard to achieving oversight.”

He continued: “It was also agreed with the National Council for Economic Development to give it all the oversight reports on the performance of public institutions, which in turn help diagnose the problem in supporting these institutions in the goals of their plans and programs. Accordingly, an agreement was signed to facilitate interdepartmental communication between the Bureau and the Council, and there would be cooperation.”

As for the Bureau’s report for the year 2021, Shakshak said: “The report is in its final touches, and while the preparation of an article has been completed, it is now in the last stage, which is the printing stage, and the period does not exceed two weeks for the report to be published.”

A cooperation agreement between the Audit Bureau and the National Council for Economic Development was signed

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A cooperation agreement was signed today, Wednesday, that serves the public sector and concerns projects.

This was between the President of the Tripoli Audit Bureau, Khaled Shakshak, and the Director General of the Economic and Social Development Council, Mahmoud Al-Futaisi.

Telecom sources reveal the purchase of a building for Libyana at an exaggerated value and transfers to a “fake” academy as a deduction from the profits of the LPTIC

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A source in the telecommunications sector revealed exclusively the purchase of a building for Libyana company in the Al-Noufalyen area at an amount of 158 million Libyan dinars, at a time when its market value does not exceed 70 million, through the formation of a committee headed by Huneid Al-Kamoushi, temporary general manager of Libyana, and the membership of Abdul Majid Al-Bakush, the director of the Security and Safety Office, which we have previously published an article about.

The source revealed that Ben Ayed transferred the amount and capacity of 160 million dinars to the account of the fake Communications Academy, which does not exist on the ground, according to him, through Libyana Company, deducting from the profits of the holding company with Libyana, as appears in the attached documents.

The source confirmed by saying: “The new president of Libyana Company, Al-Burari Youssef Al-Burawi, marginalized the letter and paid the value directly in a clear trickery to the Audit Bureau, where the latter had previously issued a circular not to transfer profits to the LPTIC Holding because it had no right to do so. The Bureau also issued a decision imposing accompanying supervision on the holding’s accounts.”

Libya’s foreign trade statistics during the first quarter of 2022

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The Central Bank of Libya’s Research and Statistics Department issued the report of “Libya’s foreign trade statistics for the first quarter 2022”, which our source obtained an exclusive copy of. The report contained several data related to Libya’s foreign trade with the world, in addition to detailed appendices of Libyan foreign trade during The period 2018-2021.

The total Libyan merchandise trade (exports + imports) during the first quarter of 2022 amounted to 12.8 billion dollars, compared to 9.6 billion dollars during the same period in 2021, achieving an increase of 32.8%.

The value of total merchandise exports also increased to 9.3 billion dollars during the first quarter of 2022, compared to 6.4 billion dollars during the same period in 2021, an increase of about 45.2%.

As for the total Libyan merchandise imports, they witnessed an increase during the first quarter of 2022, to record a value of 3.5 billion dollars, compared to about 3.2 billion dollars during the same period in 2021.

According to the report, the Libyan economy still depends heavily on a depleted natural resource, which is oil as a main source of income, which in turn is affected by the conditions of the global oil markets, where oil exports constitute more than 96.0% of total exports, which may expose the national economy to strong shocks as a result of large and sudden changes in the markets International Oil.

Also, exports of mineral fuels, fuels and related materials accounted for the largest share of the total exports during the first quarter of 2022, constituting about 96.8% of the total exports.

As for the trends of merchandise trade during the first quarter of 2022, the data did not show any change in the shares of the trading partners, as the exports of the European Union group accounted for about 68.8% of the total Libyan exports, thus achieving the largest percentage among the trading partners.

The relative importance of Libyan exports to the European Union countries (the Eurozone) has also increased due to the Eurozone countries’ dependence on crude oil as they are industrialized countries.

The Asian countries received 18.3% of the total exports during the first quarter of 2022, and Libyan exports to North, Central and South America recorded a remarkable improvement during the first quarter 2022 to reach 6.5% of the total exports.

As for Italy, the most important importer from Libya, where the percentage of what was exported to it alone amounted to about 25% of the total value of Libyan exports during the first quarter 2022, as the local market is still dependent on meeting the needs of all sectors and individuals of consumer and capital goods such as machinery, equipment, raw materials and intermediate goods necessary for the production process on foreign markets.

As for the countries of the European Union, they are the main source of Libya’s imports, as their relative importance during the first quarter of 2022 reached about 51.4%, in addition to the countries of Turkey, China, Italy and Greece topping the list of the most important importing countries during the first quarter of 2022.

Turkey ranked first during the first quarter of 2022, as the most important country from which Libya imports, where imports from Turkey alone represent about 25% of the total Libya imports.