CBL reveals the foreign exchange expenditures’ movement analysis of the first 5 months of 2023

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The total uses of foreign exchange by banks from 1/1 – to 31/05/2023 amounted to about $8,736,159,886 compared to $7,062,872,826 during the same months of 2022, with an increase of about $1,673,287,060 million, and a growth rate of 23.7%.

The letters of credit accounted for 55.1% of total bank uses of foreign exchange, personal purposes accounted for 43.3% of total bank uses of foreign exchange, while transfers accounted for only 1.6% of total uses.

The actual banks’ uses of foreign exchange for all purposes

ExpenseFrom 1/1 to 31/05 of 2022From 1/1 to 31/05 of 2023Change in valuePercentage change
Letters of Credit4,087,762,1364,814,914,898727,152,76217.8
Transfers47,471,741140,366,96092,895,219195.7
Personal uses2,927,638,9493,780,878,028853,239,07929.1
Total 7,062,872,8268,736,159,8861,673,287,06023.7

Amounts sold to banks in foreign exchange for all purposes:

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).

The total amounts of foreign exchange sold to banks from 1/1 – to 31/05/2023, through the system for following up purchase and coverage requests, and foreign exchange sales for personal purposes at the Central Bank of Libya, amounted to about $8,736,159,886 compared to $7,062,872,826 during the same months of 2022, with an increase of about $1,673,287,060 million.

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 from 1/1 – to 31/05/2023, maintaining its first rank among the banks with a market share of 14.6%, as the total amounts of foreign exchange purchased was about $1,273,402,000, followed by Al-Wahda Bank with a value of $1,024,599,749, then Aman Bank for Trade and Investment was in the third place with a value of $994,647,146. Jumhouria Bank was ranked fourth with a value of $990,946,549, then the following banks come in terms of relative importance in order: Al-Yaqeen Bank, Al-Nouran 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.

Second: Accepted bank requests to cover Letters of Credits and transfers, except for personal purposes, from 1/1 – to 31/05/2023:

The number of companies, factories, public entities, and other entities whose applications were approved to purchase foreign exchange from 1/1 – to 31/05/2023 has reached (1,386), with a number of applications amounting to 6,551 applications. Most of these applications were made in purpose to cover letters of credits, which were 5,793 applications, 88.4% 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 31/05/2023, the table iullstates the value in terms of beneficiary countries, it is clear that 39.2% 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 7.9%, followed by Switzerland and China with rates of 6.1 % and 5.4%, respectively.

Banks’ requests to cover letters of credit and transfers – all sectors

(According to the beneficiary countries)

From 1 – 1 to 31/05/2023

OrderBeneficiary CountryValue in USDRelative Importance %
1United Arab Emirates2,099,435,50139.2
2Turkey422,692,3567.9
3Switzerland327,075,4006.1
4China290,137,6195.4
5Tunisia278,513,6475.2
6Egypt253,052,0634.7
7Italy205,449,4223.8
8United Kingdom195,568,9513.7
9Austria169,562,1373.2
10South Korea138,243,0432.6
11Spain123,404,8502.3
12Sweden115,552,2622.2
13Hong Kong S.A.R.82,368,3891.5
14Netherlands78,407,6011.5
15Germany72,098,7211.3
16France56,082,6881.0
17Thailand55,844,3691.0
18Japan50,080,5970.9
19Canada35,558,9530.7
20Malta24,517,2560.5

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 madee by all sectros to purchase foreign exchange by goods or services origins from 1/1 – to 31/05/2023, It is clear that Turkey ranked first, as goods or services of Turkish origin accounted for 20.4% of the total accepted purchase requests. Imports of goods or services of Chinese origin came in second place, accounting for 12.9% of the total, and goods or services of Egyption origin accounted for 11.7% ranked third during the period, while goods and services of Russian origin accounted for 7.2%, and those of Indian origin accounted for 6.0%. The following table shows twenty countries of origin for goods or services.

Banks requests to cover letters of credit and transfers – all sectors

According to the countries of origin for the goods or services From 1 – 1 to 31/05/2023

OrderCountry of origin of goods or servicesValue in USDRelative Importance %
1Turkey1,092,582,02820.4
2China687,729,56612.9
3Egypt627,531,20811.7
4Russian Federation387,688,7317.2
5India320,061,9866.0
6Tunisia258,174,6604.8
7Germany162,013,0963.0
8Brazil159,132,8003.0
9Italy157,919,4733.0
10United Arab Emirates142,068,1812.7
11Ukraine119,904,9802.2
12Sweden117,578,5812.2
13South Korea107,524,0052.0
14Spain91,702,1191.7
15Argentina80,527,4091.5
16Netherland76,702,0181.4
17Thailand63,178,9611.2
18Belgium58,747,4671.1
19Ireland58,742,8681.1
20Indonesia52,317,0491.0

Accepted bank requests to buy foreign exchange – According to  sectors

From 1/1 – to 31/05/2023

SectorNumber of companies, factories, or entities
Private Sector1,303
Public Sector36
Banking Sector3
Foreigners (Salary Transfers)44
Total1,386

Private sector:

Duing the period from 1/1 – to 31/05/2023, the number of private sector companies and factories were (1,303) 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 14.9% of total foreign exchange purchase requests. While the requests to cover import of commodity production requirements ranked second with relative importance of 12.5%, whereas the requests to cover the accounted for miscellaneous food commodities accpunted for 11.5% and the import of feed 8.4% of the total. The following table shows the purchase requests for commodities or services during the reported period.

Purchase orders for the fifty most important goods or services – Private Sector

From 1/1 – to 31/05/2023

Order.Goods or servicesValue in USDRelative Importance %
1Production and Operation Supplies720,551,80214.9
2Commodity Production Requirements608,454,61812.5
3Miscellaneous Food Commodities558,645,63511.5
4Feed407,983,2838.4
5Building Materials & Construction Supplies353,028,0637.3
6Electronic Equipment349,595,4417.2
7Transportation, tires, supplies and spare parts294,757,3196.1
8Live and frozen meat213,439,7204.4
9 Machinery and Equipment209,599,1324.3
10Household and Household Electrical207,970,6034.3
11Medicines158,046,9383.3
12Milk144,935,1293.0
13Milk, diapers and baby food90,154,1431.9
14Furniture88,449,3871.8
15Cheeses70,403,2671.5
16Cleaning Materials63,803,4851.3
17Agricultural50,905,6741.0
18Tobacco of all kinds and accessories47,529,4201.0
19Cleaning materials29,357,8880.6
20Fruits and Vegetables26,704,3890.6
21ICT Services26,491,9180.5
22Clothing & Shoes15,930,0770.3
23Foodstuffs13,670,7540.3
24Various navigational services13,428,1070.3
25Sanitary materials11,792,0440.2
26Airlines Transfers11,082,4150.2
27Special requests for Libyan Wings Company9,796,6950.2
28Stationery7,592,1710.2
29Oia Airlines expenses7,358,9150.2
30Ghadames Airlines Company5,398,1310.1
30Gold import transfer4,693,5920.1
32Butter4,681,2050.1
33Libyan Air Transport Company4,060,8750.1
34Carpets and Textiles3,409,6630.1
35Agricultural3,100,5260.1
36Insurance Companies Transfers2,907,4340.1
37Fish and Marines2,888,2310.1
38Ghee2,184,9830.05
39Veterinary Medicines1,328,2780.03
40Sama Mediterranean Airlines Company1,042,8420.02
41Production and Operation Services1,016,9360.02
42Iron and steel plant operating requirements669,2400.01
43United Insurance Company339,9740.01
44Miscellaneous177,8560.004
45Goods for public services150,0000.003
46Libyan Airlines Requests132,1890.003

Purchase orders according to the fifty most important companies – Private Sector

From 1/1 – to 31/05/2023

Order.Company or factoryValue in USD
1Alsharaq Allebee Company for Mills, Feed and Rice Mills69,387,458
2Al Naseem Food Industries69,086,571
3Thel Ateen Company for the manufacture of dairy and its derivatives67,452,000
4Doroob Libya Company for Importing Transportation Vehicles and Accessories61,117,673
5Al Bonyan Company for Smelting and Rolling Metals53,280,873
6Toyota Libya Automotive and Spare Parts Trading and Import and Export45,753,417
7Al-Mawsim Company for Food Industries and Rice Mills43,537,845
8Aljuda Alalameyah Alola Company for Feed Industry, Flour Mills and Food Industries42,939,182
9Africa Beverage Bottling Company37,896,912
10Ibtahj Atabeeaa Company for Importing Foodstuffs35,402,620
11Sama Al-Riyaf Company for importing foodstuffs, vegetables, fresh fruits, livestock and meat35,219,700
12Alwesam Adahabee Company for the manufacture of flour, mills, feed and rice mills31,650,290
13Wadi Al-Kouf Company for Mills, Feed and Rice Mills31,485,300
14Alasalla Adahabyah Company for Mills and Rice Mills31,318,015
15Aljahez Company for Importing Foodstuffs31,221,090
16Al-Anhar Flour Manufacturing Company30,707,000
17Al-Jayed Food Industries Company30,644,584
18Haoth Shamal Afriqyah Company for the manufacture, desalination and bottling of drinking water30,535,900
19Basmati Food Industries29,902,779
20Alpha Company for Mills, Feed and Food Industries29,847,068
21Nabth Almotawaseet Company for Importing Livestock and Meat29,799,838
22Al-Rayhan Company for Food Industry29,567,308
23Alfateh Aljadeed Company for the manufacture of cleaning materials27,903,305
24Tareeq Alkara Company for Importing Foodstuffs26,687,142
25Tareeq Alkara Company for Importing Foodstuffs25,946,804
26Almasbobat Company for Building Materials Industry25,734,555
27Saluk Company for the manufacture of feed of all kinds and mills24,652,500
28Adwaa Al Nayzak Company for importing electronic devices, electrical and non-electrical devices and materials and accessories23,963,353
29Anaam Libya Company for Importing Feed and Supplements22,950,000
30Al-Jayed Food Industries Company22,623,056
31Al-Nayzak Al-Khatzak Company for importing electrical and non-electrical materials, their spare parts and electronic materials22,431,060
32Al-Itqan Almotaqadem Company for Flour Industry21,950,600
33Jood Alola Company for Importing Raw Materials21,671,916
34Afak Algad Aljadded Company for the import of electrical and non-electrical devices and materials and spare parts21,630,600
35Asawahel Adahabyah Company for Importing Foodstuffs21,467,377
36Lamsat Alhayah Company for importing medical equipment, medicines, medical preparations, mother and child supplies21,366,945
37Almaraee Alkesba company for mills, feed, and rice mills21,058,593
38Sheryan Alhayah Company for Importing Foodstuffs20,982,090
39Al-Khoms Company for the manufacture of electrical and household materials20,829,970
40Al-Mashareq Aljadeedah Company for Importing Foodstuffs, Meat and Frozen20,061,296
41Adwaa Afriqyah Company for the import of foodstuffs, livestock, and meat19,773,678
42Al Waha Adaolyah Company for Grain Milling and Feed Industry19,762,102
43Ishbiliyah Company for Feed and Flour Industry19,603,336
44Al Mamoura Alola Company for Importing Foodstuffs19,218,104
45Asahel Company for Importing Livestock and Meat19,095,898
46Altanmeya Azwraeyah Company for Egg Fertilization and Poultry Production18,898,818
47Al-Fadel Al-methalyah Company for importing raw materials18,879,400
48Awatanyah Tobacco Import Company18,864,309
49Al Maisam Company for Importing and Maintaining Cars18,832,556
50Al-Sawaed Company for Wood Industries17,547,761

Public Sector

The number of public sector entities whose requests for foreign exchange to cover letters of  credits and other transfers were approved reached 36 entities from 1/1 – to 31/05/2023. Where banks’ requests to purchase foreign exchange Almadar Aljadeed, ranked first from the total purchase requests during the reported period, accounting for 23.4% of the total foreign exchange purchase requests, while by Libyana Mobile Phone Company ranked the second with relative importance of 17.0%, whereas requests from General Authority of the Social Solidarity Fund accounted for 10.8%, and the requests to cover the import of Electronic Devices at a rate of 9.9%. The following table shows purchase requests made by the public sector.

Purchase orders by commodity or services – Public sector

From 1/1 – to 31/05/2023

Order.Goods or servicesValue in USDRelative Importance %
1Almadar Aljadeed Requirements112,769,96525.8
2Libyana Mobile Phone Company Requirements82,246,22417.4
3General Authority of the Social Security Fund51,900,00015.6
4Electronic Devices47,820,3508.9
5Production and operation requirements46,886,3785.2
6Communications and IT Services43,264,0983.6
7Feeds8,425,0002.8
8General Electricity Company Supplies8,039,1722.7
9Airline Transfers7,696,8532.4
10Afriqiyah Airways7,298,7901.8
11Social Security Fund7,252,9641.8
12Libya Telecom and Technology Company6,562,6161.7
13Iron and steel plant operating requirements5,737,8791.5
14Medicines5,629,3441.4
15Production and Operation Services5,553,5001.4
16Insurance Company Transfers5,318,1971.3
17Tunisair4,420,0000.9
18Building Materials and Construction Supplies4,128,9800.8
19Housing and Utilities Projects Authority4,061,7810.7
20Libyan Airlines Requests2,883,9850.6
21 Machinery and Equipment2,819,7470.4
22Port operation and maintenance requirements2,594,1860.4
23Stationery1,994,7500.3
24Operating needs of Muamalat1,699,4050.2
25Social Welfare Fund1,300,6940.2
26Transportation, tires, winding and spare parts1,024,8910.2
27Household and Electrical813,8280.1
28State Company for Importing Security Goods578,8250.1
29National Cement Company452,7570.04
30Libyan Ports Company418,7970.02
31Clothing and Shoes414,7920.01
32Libya Telephone Company Operating Requirements231,9730.05
33Essential Commodity Production Requirements124,9690.03
34Training Course Transfers60,0000.01
35Port Operating Requirements15,1120.003

Purchase requests by entities – Public sector

From 1/1 – to 31/05/2023

Order. Entity NameValue in USD
1Libyana Mobile Phone Company150,248,702
2Almadar Aljadded Company119,577,391
3General Authority of the Social Solidarity Fund51,900,000
4Administrative Centres Development Authority28,534,290
5Libya Telecom and  Technology Company26,353,811
6Afriqiyah Airways13,677,167
7Libyan International Telecommunications Company10,880,793
8National Mills and Feed Company8,425,000
9General Electricity J.S.C8,039,172
10Social Security Fund7,252,964
11Misurata Free Zone5,899,191
12Libyan Iron and Steel Company5,737,879
13Libya Insurance Company4,764,029
14Tunisair Branch4,420,000
15Aljeel Aljadded Technology Company4,367,465
16Libyan Airlines4,202,461
17Housing and Utilities Projects Implementation Authority4,061,781
18Al Ahlia Cement  J.S.C3,057,470
19Muamalat Financial Services Company2,852,373
20Hatef Libya Company2,422,347
21Authority for the Construction and Maintenance of Ports and Fishing Harbours2,315,300
22Arab Union Contracting Company2,256,954
23General Company for Paper and Printing1,994,750
24Alenma Electric Investment Company1,414,435
25Social Welfare Fund at the Ministry of Interior1,300,694
26Civil Status Department1,013,636
27General Company for General Cleaning Services Tripoli979,372
28Systems Company for Electrical Construction J.S.C813,828
29University Hospital Tripoli740,896
30Libyan Ports Company712,795
31State Company for Importing Security Goods J.S.C578,825
32Libyan Federation of Insurance Companies554,168
33Libyan Accreditation Centre443,290
34Libyan Ground Services Company355,600
35Libya Post Company231,973
36University of Benghazi60,000

Banking Sector:

Accepted Coverage Requests – Banking Sector

From 1/1 – to 31/05/2023

Order.BankValue in USD
1United Bank for Commerce and Investment3,193,939
2Al Andalus Bank Company1,192,401
3Alaman Bank for Trade and Investment918,468
“Descending order”

According to Goods and Services – Banking Sector

Order.Goods or ServicesValue in USD
1Foreign Partner Receivables3,193,939
2Visa raw cards532,519
3Financial guarantee MasterCard450,000
4Purchase of system licenses337,733
5Paper Counting Machines284,539
6External transfer200,000
7400 POS devices101,410
8System Support Services70,000
10System support services60,000
11Foreign Transfer24,944
12SWIFT Fees19,496
13Programming19,191
14Review of the SWIFT system5,788
15Subscription fees (external transfer of Alandalus Bank)4,944
16Software Fee244
17Security products fee61
“Descending order”

According to Country of Origin – Banking Sector

From 1/1 – to 31/05/2023

Order. Country of originValue in USD
1Bahrain3,193,939
2Spain532,519
3United States450,000
4United Arab Emirates407,733
5France284,539
6Canada200,000
7China101,410
8India80,000
9Belgium38,992
10United Kingdom9,888
11Lebanon5,788
“Descending order”

According to Beneficiary Country – Banking Sector

Order.Beneficiary CountryValue in USD
1Bahrain3,193,939
2United States650,000
3Spain532,519
4United Arab Emirates407,733
5France284,539
6Morocco101,410
7India80,000
8Belgium38,992
9United Kingdom9,888
10Lebanon5,788
“Descending order”

Foreigners (salary transfers):

Accepted Coverage Requests

Foreign Transfers – Salaries

From 1/1 – to 31/05/2023

Order.EntityValue in USD
1Embassy of the Republic of Turkey – Visa Fees Costs13,362,113
2 (41) Salary transfers for foreigners694,955
3Flight Transfer – Transfer of surplus sales to Tunisian services522,903
4Embassy of the State of Qatar – Visa Fees Costs403

According to Beneficiary Country – Foreign Transfers (Salaries)

Order.Beneficiary CountryValue in USD
1Turkey13,362,113
2Tunisia522,903
3Ukraine308,194
4India97,102
5Egypt87,650
6Iraq52,510
7Bulgaria47,000
8Philippines23,781
9Moldova20,000
10Serbia19,580
11Sudan15,000
12Italy11,402
13Jordan10,000
14Bangladesh2,736
15Qatar403