The liquidity team at the Central Bank of Libya revealed, in a statement to our source, the arrival of a shipment of liquidity worth 22 million dinars to the city of Ghat.
15 million were allocated to the National Commercial Bank and 5 million to the branches of the North Africa Bank.
The liquidity team confirms the continuation of the transfer of liquidity shipments to all regions of Libya.
Oil Price website mentioned yesterday, Tuesday, that the political chaos left by the multinational military intervention in the country in 2011 deeply affected Libyan oil, and in recent months the protests in Libya forced the closure of two of the largest oil fields, which seriously affected fuel production.
The site said that the Italian company Eni will start oil exploration in two exploration areas in Libya as part of a site exploration contract with the National Oil Corporation.
Oil Price stated that drilling works for exploratory studies will be established near the gas facilities in the Wafaa field, with a budget of $8 billion available for this purpose. Offshore drilling operations will also be conducted this time in cooperation with the British Petroleum Company.
The site continued by saying that the Italian Eni has been working in the production of oil and gas in Libya for more than 60 years, and that its participation in the oil infrastructure in the country is comprehensive, as it participates in the stages of exploration, production and development, as production activities are operated through the joint venture Mellitah Oil and Gas with Eni by a percentage. 50% and the National Oil Corporation by 50%.
The site indicated that the force majeure announced in 2014 was canceled after Eni completed the assessment of safety risks in the areas where the exploration program will be implemented. This study yielded positive results, and force majeure is one of the reasons that exempts from liability in the event of unexpected events in contracts.
While Libya finds the way to political stability, the National Oil Corporation should expect new partnership agreements and the return of capital, as well as an increase in production and economic efficiency in the country, according to the site.
The statement of the Central Bank of Libya revealed today the expenses of the House of Representatives and its affiliates during the period from January 1 to July 31, 2023, as the expenses of the House of Representatives office amounted to more than 66 million dinars, and the expenses of the Supreme Judicial Council amounted to 6.5 million dinars, and the expenses of the Libyan Dar Al-Iftaa amounted to more than From 4 million dinars, the expenses of the Supreme Court amounted to more than 25 million dinars.
The expenditures of the High Electoral Commission also amounted to more than 61 million dinars, the expenditures of the High Authority for the Implementation of Standards of Succession to Public Offices amounted to more than 240 thousand dinars, the expenditures of the National Planning Council amounted to more than 3 million dinars, and the expenditures of the Public Culture Council amounted to more than one million dinars. The expenditures of the Food and Drug Control Center amounted to more than 193 million dinars, the expenditures of the Administrative Control Authority in Tripoli amounted to more than 357 million dinars, the expenditures of the Administrative Control Authority in the eastern region amounted to more than 19 million dinars, the expenditures of the Audit Bureau in Tripoli amounted to more than 62 million dinars, and the expenditures of the Bureau of Auditing amounted to more than 62 million dinars. Accounting, the eastern region, more than 24 million dinars.
The expenses of the Libyan Media Center for Studies and Consultations – Cairo “external” amounted to more than 10 million dinars, and the expenses of the Libyan Media Center for Studies and Consultations – Cairo “local” more than 3 million dinars, and the value of the expenses of the National Council for Public Liberties and Human Rights amounted to more than 4 million dinars The value of the expenditures of the National Security Council amounted to 24 million dinars, the value of the expenditures of the Faculty of Sharia Sciences and Issuing Fatwas amounted to 3 million, the expenditures of the National Anti-Corruption Commission amounted to 15 million dinars, and the Constitution Drafting Commission amounted to 6 million dinars. Thus, the total expenditures of the House of Representatives and its affiliated bodies amounted to more than 894 million dinars.
The report of the Central Bank of Libya revealed the value of the expenses of the Presidential Council and its affiliates from January 1 to July 31.
The value of the expenses of the Presidential Council amounted to 25 million dinars, the security authorities amounted to more than 315 million dinars, and the Public Policy Support Office amounted to 800 thousand dinars.
The value of the expenditures of the Fact-Finding and National Reconciliation Commission amounted to 1.4 million dinars, with the total expenses of the Presidential Council and its affiliates amounting to 343 million dinars.
The report of the Central Bank of Libya revealed the value of the expenses of the Council of Ministers of the Government of National Unity and its affiliated bodies from January 1 to July 31, as the value of the expenses of the Cabinet Office amounted to more than 80 million dinars, and the value of expenditures in the Information and Documentation Center headed by the Ministers exceeded 837 thousand dinars, and the value of Expenses for the General Secretariat of Libyan-Sudanese Integration are more than 80,000 dinars.
The value of expenses in the executive authority for renewable energies amounted to 4 million, the value of expenses in the executive body for private aviation amounted to more than 40 million dinars, the value of expenses in the Higher Committee for Childhood amounted to more than 635 thousand dinars, and the expenses of the National Center for Economic Development amounted to 3.7 million dinars.
The expenses of the National Center for Decision Support amounted to 4.7 million dinars, the expenses of the Public Corporation for Radio and Television amounted to 4.8 million dinars, the value of the expenses of the General Information Authority amounted to 5.2 million dinars, the value of expenses for the security authorities exceeded 621 million dinars, and the value of the expenses of the Agency for the Development and Development of Administrative Centers amounted to more than 29 million dinars, and the value of expenditures in the Libya Fund for Aid and Development amounted to 1.5 million dinars.
The value of expenses in the official Libya channel amounted to 6 million dinars, the value of expenses in the national Libya channel amounted to 52 million dinars, the value of expenses in the Center for Strategic and Security Studies and Research amounted to more than 47 million dinars, the value of expenses in the Urban Planning Department amounted to 13.5 million dinars, and the value of expenses in Ta Gorni Institute in Malta amounted to 34.331 million Dinars, and the value of expenses in the Civil Society Commission amounted to more than one million, and the value of expenses in the Public Projects Authority amounted to 6.9 million dinars
The report indicated that the expenses of the Press Support and Encouragement Authority amounted to 13.2 million dinars, the value of the expenses of the Libyan News Agency amounted to 4.4 million, and the value of the expenses of the Old Civil Administration, Tripoli, amounted to 13.6 million dinars, and the value of the expenses of the National Center for Crisis Management amounted to 400 thousand dinars, and the value of the expenses of the General Authority for Media Content Monitoring amounted to 656 One thousand dinars, and the value of the expenditures of the South Development and Development Authority amounted to 1.4 million dinars, and the value of the expenses of the Central Region Development and Development Authority amounted to 2.7 million dinars, and the value of the expenses of the Follow-up Committee for the Implementation of the Tawergha Agreement amounted to 6.4 million dinars, and the value of the expenses of the Misrata Expenditure Follow-up Committee amounted to 33.9 million dinars
The value of the expenditures of the Device for Support and Development of Medical Services amounted to 522 million dinars, the expenses of Libya TV amounted to 296 thousand dinars, the value of the expenditures of the Murzug City Reconstruction Fund amounted to one million and 250 thousand dinars, and the value of the expenses of the Holy Qur’an complex amounted to 1.7 million dinars, and the value of the expenses of the electronic aviation device amounted to more than 64 million The value of the expenditures of the Fund for the Reconstruction of South Tripoli and Sahar Al-Jafara amounted to 950 thousand dinars, and the value of the expenditures of the Fund for the Reconstruction of the Cities of Benghazi and Derna amounted to one million dinars, and the value of the expenditures of the Civil Reconstruction Fund of Sirte amounted to 950 thousand dinars, and the value of the expenditures of the Misrata Economic Zone amounted to 1.5 million, with the total expenditures of the Council of Ministers and its affiliated bodies 1.6 billion dinars.
Our source obtained exclusively the correspondence of the Central Bank of Libya to Yaqeen Bank, which included several observations.
It included cash deposits being deposited in some of the bank’s branches in the accounts of some companies, and they will be canceled on the same day during the year 2022) with a total amount of (205,256,137.84 Libyan dinars) and a number of (198) transactions, that justifiy forgery of documents. Those deposits were concentrated in the main branch (Tripoli – Zliten – Misrata) for a specific group of companies, not less than (50) companies.
Through the system of cash deposits and withdrawals, it was noted that there are some companies making deposits and withdrawals on the same day, and the amounts are large, which requires referring them to the Financial Information Unit to ensure the integrity of their procedures.
The bank’s violation of the circular letter No. (194/2019) regarding the interpretive instructions of the stamp tax law and paragraph (14) thereof that documentary credits covered with a full cash cover are not subject to the legally prescribed tax, except that the bank deducted the stamp tax on it, which the bank must return The total value of tax deducted to the accounts of the companies executing these appropriations.
The bank withdrew the tax value in cash on the executed documentary credits in the amount of (4,000,000.00 Libyan dinars) on 12/30/2021, with no evidence that the bank delivered the value to the tax authority in cash to date.
The bank deducted the value of the tax represented by a percentage of (0.002) for each documentary credit in Libyan dinars, and issued certified instruments and withdrawn amounts in cash with a total amount of (10,275,754.07 LYD), as it was later found that the bank had not delivered some of the certified instruments and cash amounts withdrawn to the Tax Authority to date.
The existence of discrepancies and differences between the daily report of the bank’s branch vaults and the report of the platform system according to the data of Al-Yaqin Bank.
Many documentary credits were opened in favor of some companies, and the focus is on the UAE, although the goods are of Tunisian and Egyptian origin, which raises suspicions that those credits were implemented with a total amount of ($930,999,294.0) during the years 2022-2023, clear weakness and shortcomings in the performance of the bank’s internal audit department, weakness of the bank’s compliance department, and the suspension of the system specialized in combating money laundering (OFSAA) since 2022.
Opening documentary credits in large amounts for companies whose capital is not commensurate with the size of the credits opened to them, and non-compliance with the instructions of the Central Bank of Libya and the articles of association of the Certainty Bank by working to transfer the general administration of the bank to carry out its business to the main headquarters in the city of Sebha despite addressing the bank more than once in this regard.
In implementation of the provisions of Article (119) Paragraph (Second) of Law No. (1) of 2005 regarding banks amended by Law No. (46) of 2012, which stipulates without prejudice to the penalties stipulated in the law or in any other law and the procedures that can be taken under Provisions of Article (62) The Governor of the Central Bank of Libya may, when it is established that a bank or entity stipulated in Article (55) has violated any of the provisions of this law or the regulations or decisions issued pursuant thereto, to take any of the following measures, among which was (a warning).
Whereas, the Central Bank warned certainty of the need to correct all the above-mentioned notes within two months of its date, and to provide it with the measures taken in this regard.
The French-language “Bamada” Malian website said today, Sunday, that the “MARIETOU PALACE” is no longer affiliated with the Libya Africa Investment Portfolio and has been confiscated and put up for auction following a debt that the Libyan party did not pay to buy this hotel, as it entered into debts with banks for a huge amount for a period of 7 years. .
The website added that in the face of non-payment of debts, the BMS-SA Financial Solidarity Bank was forced to start judicial actions against the Libya Africa Investment Portfolio so that it could restore its rights since the Libya Africa Investment Portfolio was classified as doubtful accounts in the same bank, and the law grants the bank The possibility of proceeding to recover his money.
As a result, BMS-SA Bank decided to sue the Libya Africa Investment Portfolio Group before the Grand Court, which issued its ruling on June 14, 2023, and receives the banks’ request and declares that it is legal and based on sound foundations.
The site confirmed that after completing the tax registration procedures, the process of selling the hotel will start in order to find a customer who will be a new buyer. The work of this luxury hotel, located on the banks of the Niger River, stopped a few years ago. It is a title deed registered in the Land Registry No. 4020 in Pozzola.
The site continued by saying that it is necessary to remember that the Libya Africa Investment Portfolio Group was a personal initiative of the late Muammar Gaddafi and was present in many African countries and in other areas and many hotels in Mali belong to the Libya Africa Investment Portfolio and have been facing difficulties since the assassination of Muammar Gaddafi.
Oil Minister Mohamed Aoun told our source exclusively that the protesters closed El-Feel and Sharara oil fields, warning of these closures and their impact on the Libyan economy.
Aoun added that the citizen is the most affected by these closures, especially with the rise in oil prices. Electricity network will also be affected by that and the lack of supplies.
The Luxembourg Court of Appeal ordered the transfer of Libyan assets held by the non-profit trust fund owned by the Belgian prince, including targeting Luxembourgian banks, to the Sustainable Development Fund.
According to the French website Africa Intelligence, Luxembourg will have to transfer the funds belonging to the Libyan Investment Authority in favor of the request of the fund owned by the brother of the King of Belgium.
The Brussels Court of Appeal confirmed that it had ordered the temporary seizure of the funds of the Libyan Investment Authority, which totaled 15 billion euros.
For its part, the Court of Appeal announced the validity of an international warrant issued to arrest the head of the Libyan Investment Authority.
The French website further reported that the Belgian judge continues to pursue the tracking of 15 billion euros. He has opened several lines of investigation indicating that Libyan funds are currently circulating within banks in the United Kingdom and the United Arab Emirates. It is important to consider these funds, which were deposited in ABC accounts. ABC Bank has headquarters in Bahrain and also operates in London. It is 59% owned by the Central Bank of Libya, where Siddiq al-Kabir, the Governor of the Central Bank of Libya, serves as a non-executive director of the bank.
Our private sources revealed, in an exclusive statement that the candidate for the post of Governor of the Central Bank of Libya, Faraj Boumtari, had been imprisoned, by order of the head of the Internal Security Authority, Lotfi Al-Harari.
It is mentioned that Boumtari had run for the position of Governor of the Central Bank of Libya, to succeed the current governor, Seddiq Al-Kabeer.
Oil Price website stated today, Tuesday, that the commander of the armed forces, Khalifa Haftar, ordered the national army to remain on alert until reaching a fair distribution of oil wealth.
The last time he issued such a warning, the oil blockade led to a decrease in production and exports. Oil companies Eni and Total Energy recently confirmed the continued investment in the development of Libyan oil, according to the description of the site.
For its part, the site added that given the economic chaos caused by inflation caused by energy prices for Western governments since the Russian invasion of Crimea, the last thing they want is another shutdown of Libyan oil production, which would push oil prices to rise again.
The site continued by saying that the other major political factions in Libya and the global oil markets should take Haftar’s warning seriously as it goes back to a similar point he made on September 18, 2020 when he agreed to end the national blockade of the main oil facilities at that time. The deal was agreed between Libyan National Army, led by Haftar and others of the Government of National Accord in Tripoli, previously recognized by the United Nations.
It said the lifting of the blockade was only valid for one month unless another agreement was reached explaining exactly how oil revenues would be divided and the end of each blockade says the same thing. However, no progress has been made towards this goal despite promises to do so according to the website.
CBL reveals accepted bank requests to buy foreign exchange of the private and public sectors from 1/1 – to 30/06/2023.
1- Private sector:
During the period from 1/1 – to 30/06/2023, the number of private sector companies and factories were (1,435) whose requests foreign exchange to cover letter of credits and other transfers were approved. Banks’ requests to purchase foreign exchange by the private sector to import production and operation requirements ranked first among total purchase requests during the period, accounting for 15.7% of total foreign exchange purchase requests. While the requests to cover import of commodity production requirements ranked second with relative importance of 12.1%, whereas the requests to cover the accounted for miscellaneous food commodities accounted for 11.1% and the import of feed accounted for 8.4% of the total. The following table shows the purchase requests for commodities or services during the reported
period.
2- Public Sector
The number of public sector entities whose requests for foreign exchange to cover letters of credits and other transfers were approved reached 37 entitiesfrom1/1 –to 30/06/2023. Where banks’ requests to purchase foreign exchange Libyana Mobile Phone Company, ranked first from the total purchase requests during the reported period, accounting for 19.9% of the total foreign exchange purchase requests, while by Almadar Aljadeed ranked the second with relative importance of 18.4%, whereas requests from General Authority of the Social Solidarity Fund accounted for 8.4%, while the requests to cover Communications and IT Services accounted for 8.0%, and the requests to cover the import of Electronic Devices at a rate of 7.8%. The following
table shows purchase requests made by the public sector.
This section of the report publishes the accepted bank requests to cover Letters of Credits and transfers, except for personal purposes, from 1/1 – to 30/06/2023 where it mentioned the number of companies, factories, public entities, and other entities whose applications were approved to purchase foreign exchange from 1/1 – to 30/06/2023 and has reached (1,521), with a number of applications amounting to 7,833 applications. Most of these applications were made in purpose to cover letters of credits, which were 6,895 applications, 88.0% of the total, as shown in the following table:
Banks’ requests to cover letters of credit and transfers – all sectors (According to the beneficiary countries)
The table below shows the values of banks’ requests made by all sectors to purchase foreign exchange from1/1 – to 30/06/2023, the table illustrates the value in terms of beneficiary countries, it is clear that 37.0% of bank transfers to cover letters of credit or other transfers were to the United Arab Emirates, whereas Turkey was in second place with a rate of 8.2%, followed by Egypt and China with rates of 6.1 % and 5.9%, respectively. The following table shows the important twenty beneficiary countries.
Banks requests to cover letters of credit and transfers-all sectors (According to the countries of origin for the goods or services)
The table below shows the values of banks’ requests made by all sectors to purchase foreign exchange by goods or services origins from 1/1 – to 30/06/2023, It is clear that Turkey ranked first, as goods or services of Turkish origin accounted for 20.6% of the total accepted purchase requests. Imports of goods or services of Chinese origin came in second place, accounting for 13.1% of the total, and goods or services of Egyptian origin accounted for 12.2% ranked third during the period, while goods and services of Russian origin accounted for 6.7%, and those of Indian origin accounted for 5.9%., while the goods and services of Tunisian origin accounted for 4.5% of the total. The following table shows twenty countries of origin for goods or services.
| Order | Country of origin of goods or services | Value in USD | Relative Importance % |
| 1 | Turkey | 1,342,251,435 | %20.6 |
| 2 | China | 855,053,767 | %13.1 |
| 3 | Egypt | 793,014,921 | %12.2 |
| 4 | Russian Federation | 434,016,377 | %6.7 |
| 5 | India | 384,915,126 | %5.9 |
| 6 | Tunisia | 295,839,136 | %4.5 |
| 7 | Brazil | 195,352,797 | %3.0 |
| 8 | Italy | 183,458,662 | %2.8 |
| 9 | Germany | 182,390,982 | %2.8 |
| 10 | United Arab Emirates | 172,289,423 | %2.6 |
| 11 | Ukraine | 123,171,896 | %1.9 |
| 12 | Sweden | 119,094,670 | %1.8 |
| 13 | South Korea | 118,420,711 | %1.8 |
| 14 | Spain | 113,384,953 | %1.7 |
| 15 | Argentina | 109,558,302 | %1.7 |
| 16 | Netherland | 98,230,248 | %1.5 |
| 17 | Thailand | 84,793,874 | %1.3 |
| 18 | Ireland | 75,480,236 | %1.2 |
| 19 | Belgium | 70,661,416 | %1.1 |
| 20 | Indonesia | 62,555,517 | %1.0 |
Within the framework of the Banking and Monetary Supervision Department’s follow-up to the accepted purchase requests for letter of 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 Supervision Department Circular No (9/2020).
According to the table below, which illustrates the values sold of foreign exchange by banks, it is clear that National Commercial Bank was the most bank purchased foreign exchange from1/1 – to 30/06/2023 with a market share of 13.7%, as the total amounts of foreign exchange purchased was about $1,448,065,449 followed by Al-Wahda Bank with a value of $1,286,538,293, then Jumhouria Bank was in the third place with a value of $1,194,985,356. Then Aman Bank for Trade and Investment was ranked fourth with a value of $1,183,366,774, then the following banks come in terms of relative importance in order: Yaqeen Bank, Nuran Bank, the United Bank, the Libyan Islamic Bank, and the Sahara Bank. of the banks as shown in the table below, which also contains the order in which they were Banks during the same period last year 2022.
The Central Bank of Libya publishes its report of Commercial Banks’ Uses of Foreign Exchange
From 1/1 – to 30/06/2023.
It reveals the Foreign Exchange Expenditures’ Movement Analysis from the mentioned period, where the total uses of foreign exchange by banks from 1/1 – to 30/06/2023 amounted to about $10,546,710,539 compared to $8,568,417,426 during the same months of 2022, with an increase of about $1,978,293,113, and a growth rate of 23.1%.
The letters of credit accounted for 56.1% of total bank uses of foreign exchange, personal
purposes accounted for 42.2% of total bank uses of foreign exchange, while transfers accounted
for only 1.6% of total uses.
| Expense | From 1/1 to 30/06 of 2022 | From 1/1 to 30/06 of 2023 | Change in value | Percentage change |
| Letters of Credit | 4,988,087,743 | 5,921,426,616 | 933,338,873 | 18.7 |
| Transfers | 58,404,543 | 173,999,458 | 115,594,915 | 197.9 |
| Personal uses | 3,521,925,140 | 4,451,284,465 | 929,359,325 | 26.4 |
| Total | 8,568,417,426 | 10,546,710,539 | 1,978,293,113 | 23.1 |
