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The LPTIC transfers 100 million to the Economic and Social Development Fund

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Our source obtained a communication from the LPTIC to the Jumhouria Bank and the Postal Agency, which includes transferring 100 million dinars in the holding’s account to the account of the Economic and Social Development Fund.

According to the correspondence that our source received exclusively, the value represents the payment of the dues of the Development Fund.

It is noteworthy that the Audit Bureau has demanded the LPTIC to not transfer any funds, but rather to place an accompanying oversight on them and their accounts, while addressing the affiliated companies not to consider the demands of transferring telecommunications funds to the Government of National Unity.

The liquidity team reveals to our source the arrival of 75 million allocated to the branches of Jumhouria Bank in the eastern region

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The liquidity team of the Central Bank of Libya revealed exclusively to our source, the continuation of the transfer of planned shipments to provide bank branches in the eastern region with their liquidity needs, within the framework of the liquidity plan agreed upon with commercial banks by transferring 700 million dinars.

350 million dinars were delivered, and at these moments, the fourth liquidity shipment, worth 75 million dinars, will be arriving at Benina Airport in Benghazi, dedicated to the branches of Jumhouria Bank. The Central Bank’s liquidity team confirms that the airlift to provide banks with liquidity will continue until the banks are fully satisfied, and the team is working to transfer additional shipments to the regions of southern Libya to support the balances of the branches in anticipation of any liquidity shortage that may occur during the days before Eid Al-Adha.

Our source at the Central Bank of Libya responds to the statement of the Benghazi branch and clarifies the liquidity disbursement mechanism

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Our source at the Central Bank of Libya, responded in an exclusively to the statement of the Central Bank of Libya, the Benghazi branch, and gave clarifications about the mechanism of liquidity disbursement.

Since April 2021, the Central Bank of Libya, Tripoli, has been keen to implement a tight plan to provide liquidity in all branches of commercial banks, and in all regions of Libya. More than 2 billion dinars have been flown to bank branches in the eastern region until December 2021, which is the highest rate among the regions of Libya. These shipments were sent directly to bank branches. They contributed to solving the problem of liquidity radically, as the volume of liquidity distributed through bank branches in all regions of Libya exceeded 35 billion dinars.

During the period from January 1 to mid-March 2022, the assigned team continued to implement its plan and airlifted 810 million dinars to bank branches in the eastern region. There were no indications of a lack of liquidity in the branches of those banks or in the banks’ branches in all regions of Libya.

As part of the efforts to unify the Central Bank, it was agreed in mid-March 2022 to transfer cash shipments to the Bank of Libya Benghazi branch to take over the distribution process to banks in the region. One billion dinars were delivered to be distributed to banks before and during the blessed month of Ramadan. Only 500 million dinars were distributed and the rest of the amount was kept in Benghazi branch, despite the banks’ need for liquidity during the period.

In light of the fact that Benghazi branch continued to maintain the aforementioned liquidity balance, some banks requested to provide them with their needs quickly before Eid Al-Adha. The banks (National Commercial Bank, Jumhouria Bank and Wahda Bank) also identified their needs with a total value of 700 million dinars, of which 350 million dinars were transferred, and 350 million will be transferred during the end of this week. The total shipments received during the past six months reached approximately 3.5 billion dinars. This covers all the needs of bank branches in the eastern region, in addition to the daily deposits received by some banks and distributed to their customers.

The Central Bank of Libya, Tripoli, continuously monitors the liquidity conditions of all Libyan banks and confirms its complete readiness to transfer any additional shipments, whatever their value. There is no truth to the false allegations about the existence of a liquidity problem in any region of Libya. Banks have the right to take any exceptional measures to provide liquidity to bank branches and their customers in light of the ineffectiveness of transferring shipments to Benghazi branch, and its deliberate withholding and keeping liquidity in its vaults, creating a prolonged crisis of liquidity, and a crisis with the Central Bank of Libya, Tripoli, to obstruct the efforts of the unification process, and an excuse to start printing currency outside the scope of the law.

The Italian Trade Commissioner to our source: “Italy this year is the first market for Libyan exports”

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The Italian Trade Commissioner, Romano Baruzzi, told our source today, Tuesday, that Italian exports to Libya rose in the first three months of 2022 by 52.3% compared to the same period of the previous year, with an export value of 370.60 million euros, with a market share of 11%. On the other hand, imports from Libya to Italy rose by 116.44% with a total of 2.07 billion euros.

Baruzzi added to to our source that Italy this year is the first market for Libyan exports with a market share of 24.67%, ahead of Germany 11.6% with 973.89 million euros, Spain 11.04% with 926.45 million euros and China 8.94% with 750.36 million euros.

Baruzzi stressed that trade between Italy and Libya in 2022 exceeded 2.44 billion euros, with an increase of 103.43% compared to the same period of the previous year, and a market share of 20.71%, ahead of China 9.83% with 1.16 billion euros, Spain 9.59% with 1.13 billion euros and Germany 9.20% with 1.09 billion euros and Turkey 8.24% with 971.23 million euros.

The Administrative Control Authority in Tripoli suspended the director of the Children’s Hospital from working, as a backup

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Our source obtained exclusively the correspondence of the office director of the head of the  Administrative Control Authority in Tripoli to the office of the Minister of Health.

This is due to the decision of the President of the Tripoli Authority, Suleiman Al-Shanti, to suspend Ahmed Al-Busaifi, the director of the Tripoli Children’s Hospital, from working as a backup.

An official at Benina Benghazi Airport reveals to our source the reasons for the suspension of flights and Afriqiyah Airways doesn’t know

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The Director of Administrative and Financial Affairs at Benina International Airport, Usama Al-Ferjani, told the our source that flights of Afriqiyah Airways and Libyan Airlines continued to be stopped at Benina International Airport due to the protest of employees of handling companies because they had not received their salaries for more than 18 months.

Our source also contacted officials from the Afriqiyah Airways Company, and they stated that they were not aware of this protest.

The Audit Bureau puts an accompanying control over the accounts of the Libyan Local Investment & Development Fund, for transferring 330 million to a private company

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Our source obtained exclusively the correspondences of the Libyan Audit Bureau demanding to place an accompanying control on all accounts of the Libyan Local Investment & Development Fund by Badr Ben Uthman.

Private sources said exclusively that the reason for the accompanying control lies in the fact of Badr Ben Uthman’s violation by transferring 330 million to a private company called Al-Waha in its account in the Libyan Islamic Bank.

The liquidity team to our source: “100 million reached the branches of Jumhouria Bank in the eastern region”

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The liquidity team of the Central Bank of Libya revealed exclusively to our source the arrival, a third liquidity shipment of 100 million dinars to the branches of Jumhouria Bank at Benina Airport in Benghazi.

This came as part of the Central Bank’s plan to provide liquidity in all branches of commercial banks and in all regions of Libya, and in implementation of the plan agreed upon with them, which aims to provide liquidity in all bank branches before the blessed Eid Al-Adha and after the needs of the southern region were covered with the first shipments.

The airlift was launched to transport cash shipments to bank branches in the Eastern Province, where 250 million were delivered to Wahda Bank and National Commercial Bank, bringing the total shipments to 350 million dinars. The liquidity team is working to transfer the rest of the shipments this week, as it aims to deliver 700 million before the end of the week, covering the needs of the branches of banks in the eastern region completely.

Aqila Saleh forms a committee by a decision prior to the investigation of the violations of Sanalla, and Al-Aribi defends him

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Our source obtained a previous decision issued by Parliament Speaker Aqila Saleh to form a committee to investigate the abuses of the head of the Oil Corporation, Mustafa Sanalla, regarding the opening of a sales office in Britain and his failure to comply with the Council’s recommendations during the government’s accountability session to close these offices.

In a clear contradiction, according to our sources, a member of the House of Representatives and Chairman of the Energy and Resources Committee Issa Al-Araibi issued a statement regarding the follow-up to the meeting of the Council of Ministers in the National Unity Government last Thursday, and what the Prime Minister said regarding the approval of discussing the proposal of the Minister of Oil and Gas regarding changing the Board of Directors of the National Oil Corporation.

The statement confirms that the expired government of National Unity – according to the statement’s description – lacks the legal legitimacy to take such decisions and contradicts the circular issued by the Presidential Council about not violating the administrations of public institutions and authorities.

Adviser to the Minister of State for Economic Affairs speaks to our source about his meeting with the Director of the Financial Facilities Fund

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Adviser to the Minister of State for Economic Affairs, Dr. Imad Bahri, spoke exclusively for our source, regarding holding a meeting with the head of the advisory team, Ahmed Al-Ahjal, with the Director of the Financial Facilities Fund at the Ministry of Labor, Abu Al-Qasim Al-Suwaidi, under the directives of the Minister of State for Economic Affairs, Dr. Salama Al-Ghwill.

During the meeting, a cooperation agreement was discussed to support small and micro enterprises, and involving the private sector in support and training, in addition to opening opportunities of cooperation in preparing a cooperation memorandum between the Office of the Minister of State for Economic Affairs and the Financial Facilities Fund.

All aspects related to improving the current operating mechanisms through entrepreneurship programs in Libya were also reviewed, in line with the motives of the government of national unity, which seeks to promote the values ​​of economic and social justice within the framework of supporting the public and private sectors by providing an appropriate opportunity for competition.

Ben Ayed transfers 50 million to PPP violating the decisions of the Audit Bureau and in agreement with Dbeibeh’s instructions

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Special sources revealed to our source, that the head of the Telecom Holding Company, Mohamed Ben Ayed, today transferred an amount of 50 million dinars from the account of the LPTIC at the Jumhouria Bank, the Postal Agency, to the account of the PPP company managed by Abdul Majid Mligta.

This came basing on the instructions of the Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, and in violation of the circular of the Audit Bureau, which requires placing the accounts of the Telecommunication Holding Company under accompanying supervision after Dbeibeh’s previous attempt to transfer 200 million dinars to the same authority.

Aoun denies the validity of the names circulated to take over the presidency of the NOC’s Board of Directors

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The Minister of Oil and Gas in the Government of National Unity, Mohamed Aoun, denied to our source the authenticity of the news circulated regarding some of the names nominated to take over the chairmanship of the Board of Directors of the National Oil Corporation.

In his statement to our source, Aoun indicated that Article 2 of Resolution No. 10/79 states that the National Oil Corporation is an implementation attached to the Ministry of Oil. The House of Representatives has nothing to do with the Corporation and its board of directors.

Imports of metal products, machinery and transportation rank first in Libya, and food comes after

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Our source obtained exclusively the Foreign Trade Report of Libya 2018-2021 issued by the Research and Statistics Department of the Central Bank of Libya, which contains an analysis of the most important indicators of foreign trade for the Libyan economy during the period of 2018-2021, with the world.

The imports of mineral products, as well as the imports of machinery and transport equipment, ranked first out of the total imports during the period of 2018-2021, as they constituted 39.9% of the total imports. This reflects the weakness and inability of the local market in providing many of the goods and services it needs. It leads to an increase in the degree of external exposure and an increase in the demand for foreign exchange.

Foodstuff imports ranked second in terms of relative importance, constituting 11.4%, while imports of chemical products, plant kingdom, and live animals accounted for 7.3%, 6.7%, and 5.7%, respectively. As for the imports of the rest of the commodity sections, the remaining percentage amounted to about 29.0%. of total merchandise imports.

The most dominant exports in Libya in details

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Our source obtained exclusively the Foreign Trade Report of Libya 2018-2021 issued by the Research and Statistics Department of the Central Bank of Libya, which contains an analysis of the most important indicators of foreign trade for the Libyan economy during the period of 2018-2021, with the outside world.

The data on the commodity composition of national exports included in the report showed the extent to which exports of mineral fuels, fuels and related materials acquired the largest share of total exports during the period of 2018-2021, constituting about 90.0% of total exports. It shows the lack of diversity in national exports, as a result of the weak structure of domestic production, which makes the economy vulnerable to fluctuations in oil production and prices in international markets. 

Other exports recorded 10.0% of the total exports, most of which are precious metals and their products (gold) and ordinary metals (scrap).

The report showed that the countries of Turkey and the United Arab Emirates are the most important importing countries from Libya for other commodities than oil, and most of their imports were concentrated in precious metals and ordinary metals (scrap).

The local market, by more than 85%, depends on foreign markets, in 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.

Geographical distribution of imports: The countries of the European Union are the main source of Libya’s imports, with their relative importance, on average, amounting to about 36.5% of the total imports during the period of 2018-2021, where the value of imports recorded 5.3, 5.2, 4.4 and 6.1 billion dollars, respectively, during that period. This is due to the geographical proximity, which plays a major role in increasing the volume of trade exchanges between Libya and the Eurozone countries, while Asian countries, the League of Arab States and other European countries made up the remaining percentages. The data indicate weak trade exchanges between Libya and African countries, Australia and New Zealand.

The report shows that the countries of Turkey, China, the UAE and Italy top the list of the most important importing countries, as the percentage of what was imported from them amounted to about 45.0% during the period 2018-2021 of the total value of Libyan imports.