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The reasons behind the high exchange rate in the Central Bank of Libya

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Today’s exchange rate at the Central Bank witnessed an increase, reaching 4.77 this evening, while it was 4.80 this morning.

For his part, a member of the Exchange Rate Committee, Omran Al-Shaibi,  stated exclusively to our source that the reason for the rise and fall of the dollar against the dinar during this period is due to its price in the Special Drawing Rights and not a change in the exchange rate. “We do not mean the exchange rate of the dinar against the currencies of the Central Bank After March 2012,” he said, adding that raising the interest rate for the dollar helped raise it against other currencies.

He continued by saying: “I mean, when the dollar rises in the basket, there is another currency of the five currencies in the basket (the US dollar, the euro, the Chinese renminbi, the Japanese yen and the British pound sterling). Therefore, if the dollar rises, the euro will fall according to the global currency market, and after that it is determined in the basket that is reflected in the exchange rate of the dinar.”

Currency rates for the Special Drawing Rights were supposed to be revised in March 2022, which is usually considered every five years, and the Executive Board postponed the next review of the Special Drawing Rights assessment basket to July 31, 2022 to redefine its five-year cycle assessment reviews. With Completing the next review by mid-2022, the new basket will become effective August 1.

For his part, the Libyan businessman, Husni Bey, said exclusively to our source that the dinar is not equivalent or linked to the dollar as many people complicate, adding that the dinar is linked to a virtual currency made up of a basket of currencies “dollars, euros, yen, Chinese ravenbi and sterling” and called the Special Drawing Rights, “SDR”.

He continued, The Special Drawing Rights is a virtual currency used by the International Monetary Fund and the World Bank. The dinar equation before the price unification on 3/1/2021 was pegged to 1 dinar = 0.52 SDR (Special Drawing Rights), and the change and reduction was made to the dinar 1 = 0.15 SDR .

He added: “So, for example, we find that the dinar decreased with the dollar, but rose with the pound sterling and the euro.”

The Department of Wahda Bank branches announces that its ATMs are currently operating in Tripoli

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The Department of Tripoli Branches at Wahda Bank said that it is following up on the work of ATMs during these days and throughout the days of the blessed Eid Al-Fitr holiday.

A list of ATMs that operate today is published: the main ATM in Tripoli, the ATM of AL Magharba branch, the ATM of Independence branch, the ATM of the Aljada branch, the ATM of the Tuesday market branch, the ATM of the Al-Saqqa mosque branch, the ATM of the neighborhood of Al-Andalus branch, the ATM of Akakus Agency, the ATM of the Tripoli Tower branch, the ATM of Al-Matahen agency, the ATM of Al-Ajaylat branch, the ATM of Al-Baladia branch and the ATM of National Oil Corporation Agency.

A member of the exchange rate committee reveals the reasons for the rise and fall of the dollar against the dinar

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A member of the exchange rate committee, Omran Al-Shaibi, revealed in an exclusive statement to our source that the reason for the rise and fall of the dollar against the dinar during this period is due to its price in the Special Drawing Rights and not a change in the exchange rate. “We do not mean the exchange rate of the dinar against the currencies of the Central Bank after March 2012,” adding that raising the interest rate of the dollar helped raise it against other currencies.

He continued by saying: “I mean, when the dollar rises in the basket, there is another currency of the five currencies in the basket (the US dollar, the euro, the Chinese renminbi, the Japanese yen and the British pound sterling). Therefore, if the dollar rises, the euro will fall according to the global currency market, and after it is determined in the basket that is reflected in the exchange rate of the dinar.”

Currency rates for the Special Drawing Rights were supposed to be revised in March 2022, which is usually considered every five years. The Executive Board postponed the next review of the Special Drawing Rights assessment basket to July 31, 2022 to redefine its five-year cycle assessment reviews. With Completing the next review by the mid-2022, the new basket will become effective August 1.

Will the value of the wife and children’s allowance increase? The Minister of Social Affairs answers

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The Minister of Social Affairs in the Government of National Unity, Wafa Al-Kilani, said in an exclusive statement to our source that “the value of the grant for the wife and children, from my point of view as a minister, is weak and needs to be amended.”

She continued by saying: “We thank God that we succeeded in disbursing the grant to its beneficiaries despite all the obstacles and the lack of budget approval. During the next stage we will work to develop the grant law and give a proposal to amend the value based on the new exchange rate adjustment.”

In an exclusive meeting, the Minister of Social Affairs reveals the date for disbursing the wife’s allowance, in addition to several important measures for citizens in general

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The Minister of Social Affairs in the Government of National Unity, Wafa Al-Kilani, spoke in an exclusive interview with our source saying: “With regard to the wife and children grant, the ministry worked on it, in the year 2021, thanks to God and the support of the Prime Minister. We completed working on the grant for children under the age of 18, as well as with the efforts of the Ministry Finance, the Central Bank of Libya, the grant team and the staff. A full year has been completed for the first time in years.”

She said: “We also worked during 2022 and spent the 1st, 2nd and the 3rd months, and we sent an appendix to those who added their accounts through the platform of the Ministry of Social Affairs for the grant project, in addition to another six months of this year and for it to be disbursed, the data must come from the Civil Status Department. “.

She also continued: “There are several constraints, such as the number of deaths, changing account numbers, marriage and newborns. There is an agreement between the Ministry and the Civil Status Authority. We took data from the Authority for the year 2020 and added an appendix for those who complete their data and sent it to the banks within two days. In total we succeeded in spending nine months during this year.”

Al-Kilani added: “With regard to the grant for the wife and daughters over the age of eighteen, the ministry is working hard with the Public Information Authority, the Civil Status Authority, and the relevant authorities.”

She also explained: “ We receive the data from the Civil Status Authority as a first stage. The authority has an update on the data and some of the procedures that we took as a promise that they will be completed after the Eid and will be sent to us. Within a maximum period of a month, it will be in the accounts of the beneficiaries of the non-working daughters and wives.”

She added: “The data must, of course, be matched with Social Security and the Ministry of Finance and Labor in order to ensure that no salary is provided by the Libyan state in order for the grant to be disbursed to them. As for the families that did not receive the grant for 2021, we sent many supplements. We are still working on the rest, and they will be sent immediately after Eid.”

Al-Kilani also stated: “The value of the grant from my point of view as a minister is weak and needs to be amended. We thank God that we succeeded in disbursing the grant to its beneficiaries despite all the obstacles and the lack of budget approval. During the next stage we will work to develop the grant law and give a proposal to amend the value based on the new exchange rate.”

She added: “In the Social Solidarity Fund, we have statistics for widows, divorced women, people with disabilities, needy families, and several branches working on social surveys. The ministry succeeded in disbursing a grant for rent allowance to a group of displaced people whose lists were approved by the Council of Ministers and allocated to them financial values ​​for the eastern and southern regions.”

She also explained: “We are also working on the principle of social justice, reparation and giving financial assistance to the rest of the displaced and displaced groups, based on what is referred to us and what is allocated from budgets.”

Regarding the increase in the salaries of retirees, Al-Kilani said: “Based on the presentation of the memorandums of the Social Security Fund President  and the Minister of Social Affairs, an amendment of contributions was approved so that there would be permanence for the increase of retirees, in which the salary reached 900 dinars for the holders of security or retirement pensions to continue in the future without any deductions. With these amendments, the burden has become on the public treasury, in return for a small burden on the citizens for whom we always work.”

On the issue of the basic pension for people with disabilities, Al-Kilani explained to our source: “We contacted the Prime Minister and submitted a memorandum. The President directed his direct instructions to the Ministry of Finance to pay the basic pension entitlements for the past years and subsidized domestic service, as well as I gave directives to make priority for people with disabilities due to the privacy, sensitivity and need for this category.”

Regarding the marriage grant for people with disabilities, the minister explained: “In agreement with the Minister of Youth, 500 grants were allocated for the year 2021 and we formed three committees in the eastern, western and southern regions working to receive the files and documents for people with disabilities required for the marriage fund. We agreed to make the grant 50,000 divided between the husband and wife, if one of the spouses has a disability or both, and this increase in value is due to the privacy of this category. Today we had contact with the Marriage Support Fund and the instruments have started to be prepared successively and will be distributed in the coming days.”

In its statement to our source, the American embassy refutes what was reported regarding its approval to transfer funds to the Central Bank of Libya and clarifies its roles

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Our source communicated exclusively with the US Embassy in Libya about what was circulated on the African Intelligence website about the embassy’s interference in lifting the freeze on oil revenues on the account of the National Oil Corporation and referring them to the Central Bank of Libya.

The embassy continued by saying exclusively to our source: “The United States has no authority or role in “approving” the transfer of NOC funds to the Central Bank of Libya, and the United States views the halting of Libyan oil production as a hasty response that harms the Libyan people and undermines international confidence in Libya as a responsible actor in the global economy.”

Today, the embassy issued an important statement in which the United States expresses deep concern about the continued oil fields shutdown, which is depriving Libyans of significant revenues, contributing to price increases, and could lead to power outages, water supply problems, and fuel shortages.

Its statement continued by saying: “The damage caused by the closure to the oil infrastructure will cost Libya millions more, and herald an environmental catastrophe, and could affect the country’s ability to benefit from this infrastructure in the future to reach its full productive potential.”

The statement also said: “Responsible Libyan leaders must realize that the shutdown is harming Libyans across the country and has repercussions on the global economy. They must end the oil shutdown immediately.

The United States also reminds Libyan leaders of the multiple Security Council resolutions that protect the National Oil Corporation and reaffirms our commitment to working with Libyan leaders on a mechanism that will give the Libyan people confidence that the country’s revenues are distributed for the benefit of the Libyan people.”

The United States also confirmed its recommendation for an additional revenue transfer to be monitored and supervised by a Libyan-led financial mechanism. However, Libyan officials independently decided to transfer more significant sums.

The United States considers halting Libyan oil production a hasty response that harms the Libyan people and undermines international confidence in Libya as a responsible actor in the global economy.

It has and continues to advise on the establishment of an interim Libyan financial mechanism with broad support to address how Libya’s revenues are spent in the absence of an agreed national budget.

This mechanism can be used by the Libyan authorities to give the Libyan people confidence regarding how oil revenues from the National Oil Corporation are being used and to prevent the transfer of funds for partisan political purposes that could undermine peace and security in Libya.

In conclusion, it recommended that the mechanism should be designed in a way that allows Libyans to ensure that critical expenditures are paid to people with the highest degree of transparency.

In order to build confidence, all parties must know when and to whom money is being transferred to fund agreed expenditures.” We also stress that Libya’s wealth should go to serve Libyans throughout the country, and no outside party should decide the fate of Libyan resources. Any mechanism should only provide a way for Libyans to come to terms with each other and avoid unnecessary economic turmoil that only leads to harm all Libyans, according to the statement

The liquidity team: “67 million arrived at Benina Benghazi Airport”

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The liquidity team of the Central Bank of Libya revealed exclusively to our source that the twelfth shipment of liquidity arrived at Benina Airport in Benghazi, with a value of 67 million dinars, to be distributed to bank branches in the eastern region, bringing the total shipments sent since the beginning of the holy month of Ramadan to 935 million dinars.

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

Al-Senussi Al-Haliq reveals his opinion about the oil fields closure, and says: “Sanallah is not suitable for even an official who is in “charge

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The head of the Supreme Council of Zuwayya Tribes, Al-Senussi Al-Haliq, told our source that: “Oil is the property of all Libyans. It is a commodity that a region cannot monopolize. We always call for unity, convergence of views, stability and contentment.”

He said: “Back in 2019, when the war intensified in Tripoli, I gathered the tribes at the level of Libya and stopped pumping oil in order to inject blood. We are against war and for a Libyan to fight a Libyan. This is not permissible and we have no interest in it. We do not have any sectarian, religious, regional, geographic,or even tribal dispute.”

He added: “We are the kindest people, and nothing calls us to fight. We are against terrorism and extremist ideology wherever it is, in the West, East or anywhere. We do not have any differences.”

He continued, “The economic situation in Libya is bad. People are hungry and thirsty and they are not getting their salaries. We are against any oil field closure because it will make conditions worse than they are.”

“Oil should be excluded from political strife. We are not against Bashagha or against Abdul Hamid Dbeibeh. We are with Libya, with reconciliation and calm.”

He explained: “We want to arbitrate the voice of reason and logic, not the sound of the gun. Whoever wants power must go to the elections box. But if you want the authority and practice behind arms to destroy Libya in order to reach power. This does represent a benefit for the Libyan people. We want a safe and stable homeland, in which negotiation is governed by reason.”

Al-Senussi also said: “Our political situation in Libya is deteriorating. We hope that President Mohamed Yunus Al-Menfi will bear his responsibility and take a decision to freeze all political bodies from Parliament and the State Council, completely, and come up with a new body to get out of this crisis.”

He continued: “Libya has no solution except elections. We do not want elections to be called controversial ones. We also do not want corrupt money to be involved in it by buying votes. We want fair elections under the supervision of the United Nations Security and new faces for Parliament and the upcoming authority.”

He also explained: “It is supposed to move away from the story of quotas. Nothing destroyed Libya more than quotas. This country was not built by quotas, but rather the survival of the fittest must be.”

Al-Senussi continued: “We have no solution but peace and understanding, sitting at one table, and there will be a concession between us. If there is not, it will not succeed. Even the nominated government now headed by Mr. Bashagha, a government with 37 ministers?! What are all these people doing and what are their jobs?”

He added: “For ten years, we have been in postponement and transitional governments. We want to have authorities chosen by the Libyan people and to hear the voice of this people. We want parliamentary and presidential elections at the same time so that we can get out of this dangerous slide, and oil is supposed to be out of the game.”

Regarding the oil fields closure file, Al-Senussi said: “5 + 5 are specialized military people. We thank the two parties, and we want them to cooperate to unite the army and take the wise and right decision. Libya has only been reconstructed by consensus, and they get out of the circle that the military demands to stop flying. This, we have no interest in, but rather it is the harm of the Libyan people.”

He added, “Any armed conflict now has no benefit for us. We have our interest in Libya’s unity, stability, security and safety. Our country is now open from all sides and includes all foreigners without official procedures. Libya has become like a torn tent, with wind entering it from everywhere.”

Al-Senussi said: “Mustafa Sanalla is the reason for the struggles of oil in Libya. He abandoned his profession and became a politician. He is a specialized and technical man, but he lacks experience and leadership. He can’t even be a police patrol, not the head of an institution and he is the one who dragged the country into this situation.”

In conclusion, he said: “We are also disturbed by external interference in terms of opening and closing. Libya is now free of will and the decision is not in our hands. The United Nations must be honest in dealing and keep strife away from the country.”

The liquidity team reveals the delivery of the Sebha issue of 2 million to the branches of Wahda Bank

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The liquidity team of the Central Bank of Libya revealed exclusively to our source that the Sebha issuance department delivered a shipment worth 2 million to the branch of Wahda Bank. The liquidity team confirms the availability of a large stock of liquidity at the central bank and bank branches.

This is within the framework of the Central Bank of Libya’s plan to provide liquidity in all commercial bank branches, and the bank branches continue to pay the children’s allowance and salaries in cash before Eid Al-Fitr.

The Central Bank’s liquidity team reveals the delivery of Gharyan’s 7 million issuance to North Africa Bank branches

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The liquidity team of the Central Bank of Libya revealed exclusively to our source that Gharyan issued a cash shipment of 7 million to the branches of the North Africa Bank, 5 million of which were allocated to the Gharyan branch and 2 million to Al-Asaba branch. The liquidity team confirms the availability of a large stock of liquidity at the Central Bank and bank branches.

This is within the framework of the Central Bank of Libya’s plan to provide liquidity in all commercial bank branches, and the bank branches continue to pay the children’s allowance and salaries in cash before Eid al-Fitr.

The liquidity team of the Central Bank reveals the delivery of Gharyan issuance of 30 million to the branches of the National Commercial Bank

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The liquidity team of the Central Bank of Libya revealed exclusively to our source, that Gharyan issued a cash shipment of 30 million dinars to the branches of the National Commercial Bank, 10 million of which was allocated to Gharyan branch, 6 million to Al-Asaba branch, 4 million to Kikla branch, 4 million to Ghadames branch, 4 million to Daraj, and 3 million to agency branch Gharyan University.

This is within the framework of the Central Bank of Libya’s plan to provide liquidity in all commercial bank branches and the continuation of bank branches to pay the children’s allowance and salaries in cash before Eid al-Fitr. The liquidity team confirms the availability of a large stock of liquidity at the Central Bank and bank branches.

Dbeibeh talks about important issues related to the exchange rate and the value of the salary that every Libyan should receive

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The Prime Minister of the National Unity Government, Abdul Hamid Dabeibeh said: “We now have a standard that was not there in the past. There was the black market selling the dollar for 9 dinars, and  there was no presence in the official market.”

He added: “As for 4.4, it is creating a kind of line that we rise to, and they are confident that with this support we return rights to people as they were before. This is an example of 450 dinars that were previously equal to 350 dollars and when we multiply this value at the current exchange rate 4.4, it equals 1200, as the previous.”

He continued by saying: “We are not increasing these segments, but rather we give them their rights. We have restored the situation as it was in the past. The income is the income, the dollar is the dollar and the dinar is the one that has fallen and is no longer keeping pace with the dollar. The Libyan people deal in dinars. The exchange rate difference is now affecting the value of life and expenses, something that was worth a dinar has become four dinars.”

He concluded his speech by saying: “We did not undertake a reform issue in the matter of salaries, but rather we returned the situation to what it was before. It is not normal for a person to receive a salary of 450 dinars, i.e. 350 dollars in an oil country and has an annual income of tens of billions. The salary is supposed to be 1,000 monthly, at the least. This is if we were looking at countries close to us, so that the value of 350 was not included in our salary increase of 900, but on the contrary, we decreased income value. This idea must reach citizens who demand increases in health and education, in order to return them the previous income, which is not normal in the first place. It is still low and we have no problem taking any policy that mitigates the current situation .”

Including the terms of pension contributions, the National Unity Government is amended by Resolution No. 444 for 2021 regarding the Social Security Fund

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Our source obtained exclusively the Cabinet Resolution No. 406 of 2022 on the amendment of Council Resolution No. 444 of 2021 and the report of the provisions of the Social Security Fund.

The decision also included the amendment of Article 1 of the decision regarding the imposed contributions, whereby the following contributions are imposed in exchange for cash benefits, which are the pension contribution, the assistance contribution to self-employed workers, the lump-sum grants contribution, the total subsidies, the basic pension contribution, and the health care contribution.

Where the Social Security Fund records the surplus of monthly contributions after paying the pensions to their beneficiaries within the general reserve of the Fund. The balance of the contributions restricted in the general reserve may only be used to cover the deficit that occurs in the financing of pensions. The Finance ministry undertakes to cover the deficit differences from the item of the general budget reserve or what the Council of Ministers decides in particular.

A committee will also be formed by a decision of the Minister of Finance between it, the Ministry of Labor and Rehabilitation and the Guarantee Fund, to prepare an integrated scientific study regarding the entry of self-employed workers and the contribution of assistance to be determined for the category of self-employed workers.

The Finance ministry, in coordination with the Social Security Fund, undertakes an actuarial assessment of the financial position of the Social Security Fund every three years, on the basis of which the rates of contributions determined for categories of participants are determined, either by decreasing, increasing or maintaining them, and it is presented to the Council of Ministers to take the necessary action.

With proof and documents, Al-Huwaij reveals exclusively to our source that the circulating news about the dispatch of his son is false and untrue

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The Minister of Economy and Trade in the Government of National Unity, Mohammed Al-Huwaij, revealed exclusively to our source that news circulated on a number of social media pages that the employee at the Export Development Center within the committee formed to send an official mission to participate in one of the exhibitions outside the country, Salah Mohamed Ali, his son, is completely false.

Our source also obtained exclusively from the export development center’s correspondence, which proves that the employee at the center, the Sebha branch, is Salah Mohamed Al-Shibani and not, as stated on the social networking pages, that he is the son of the Minister of Economy.