Dbeibeh: “80% of the currency we sell from oil goes to commercial banks, and I am not accusing anyone”

Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, stated:
“The Central Bank is like a protective umbrella for the state — it safeguards its resources, whether from taxes or revenues of Libyan products. When institutions propose to directly intervene with the Central Bank, we must be cautious and protective of it. Today, there is an administration at the Central Bank that has uncovered legal and illegal irregularities. As a government, we found these violations and massive chaos, even from before 2011 — and it worsened afterward. We are a main partner with the Central Bank of Libya through its management and institutions, and the government cannot be bypassed. Yes, the government has problems, but it cannot be overlooked.”

He added:
“We must not forget that the Central Bank of Libya has failed to manage the banks under its authority. In recent times, it has been unable to handle the country’s financial problems, even in managing foreign currency. About 82% of the currency we sell from oil goes to commercial banks, and I am not accusing anyone. However, some of these banks have been exploited by certain traders — there are even merchants who own banks and open letters of credit through them.”

He continued:
“We call on the Governor of the Central Bank and bank administrations to reform the banking system — it is outdated. It was a rentier system that entered into investment and destroyed the banking sector. Law No. (1), which the system was originally based on, needs reform. We have attempted to find new financing methods through various funding mechanisms and have entered into the issue of consumer goods financing, which is now handled by the banks.”

Dbeibeh also said:
“We welcome the establishment of the Holding Finance Company, but its management must be like that of KPMG or any external institution. They cannot decide for us what projects to implement — we know our needs. Such major companies should supervise and regulate. We are optimistic about organizing such forums and activating them. We hoped the banks would either create a single finance company or that each bank would establish one to invest depositors’ funds properly — as is done around the world.”

According to Dbeibeh:
“From the Central Bank’s disclosures, certain companies are receiving U.S. dollars — and this is a serious flaw. We, in the economic sector, are completely negligent in follow-up. We said we did not want to interfere, but the Central Bank previously formed a committee of merchants, included the Ministry of Economy, and granted credits to certain individuals — that’s not our role. The dollar should be available to all Libyans.”

He further stated:
“The fault lies with everyone. I believe it is time, Mr. Naji, for us to stand up for our country. I declare — and I bear witness — that my government has not added even one dinar to the public debt. Check who is spending in parallel, who is spending from the public debt, and who has raised it to nearly 300 billion dinars. This bleeding must stop.”

He went on:
“Over the past ten years, people have grown dependent on the state — they no longer have income. Where will they go? Chapter One [wages] has inflated, and we are still suffering from it. Citizens rely on the state to give them 2,000 or 3,000 dinars — but financing is the foundation of life.”