Exclusive: The report of the Banking and Monetary Supervision Department on Commercial Banks’ Uses of Foreign Exchange


Our source obtained exclusively the report of the Banking and Monetary Supervision Department on Commercial Banks’ Uses of Foreign Exchange during the period (1/1 – 28/2/2023)

The total uses of foreign exchange by banks from 1/1 – to 28/2/2023 amounted to about $3,078,886,837 compared to $2,676,748,043 during the same months of 2022, with an increase of about $402,138,794 million, and a growth rate of 15.0%.

The letter of credits accounted for 56.3% of total bank uses of foreign exchange, personal purposes accounted for 42.4% of total bank uses of foreign exchange, while transfers accounted for only 1.3% of total uses.

The actual banks’ uses of foreign exchange for all purposes ” Million USD ”                           

ExpenseFrom 1/1 to 28/02 of 2022From 1/1 to 28/02 of 2023Change in valuePercentage change
Letters of Credits1,617,993,7881,732,107,206114,113,4187.1
Personal uses1,043,242,0761,304,391,963261,149,88725.0
Total 2,676,748,0433,078,886,837402,138,79415.0

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 28/2/2023, 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 $3,078,886,837 compared to $2,676,748,043 during the same months of 2022, with an increase of about $402,138,794 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 28/2/2023, maintaining its first rank among the banks with relative importance of 14.7%, as the total amounts of foreign exchange used was about $452,717,358, followed by Al Yaqeen Bank with a value of $393,553,280, ahead of Al Aman Bank for Trade and Investment, which was in third place with a value of $381,211,064. Then Jumhouria Bank ranked fourth with a value of $370,523,114, then the following banks come in terms of relative importance in order: Al-Wahda Bank, Al-Nouran Bank, the Libyan Islamic Bank, the United Bank and the Sahara Bank, etc. 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.

Ranking of banks according to the total amounts sold of foreign exchange

Amounts sold to banks in foreign exchange.

(According to purpose)

“In of USD”

Second: Accepted bank requests to cover Letters of Credits and transfers, except for personal purposes, from 1/1 – to 28/02/2023: The number of companies, factories, public entities and other entities reached (855) whose applications were approved to purchase foreign exchange from 1/1 – to 28/02/2023, with a number of applications amounting to 2400 applications. Most of these applications were made to cover letters of credits, which was 2099 applications, 87.5% of the total: as shown in the following table:

Transfer typeNumber of requests Relative Importance %
Letters of Credits2099 %87.5
Commercial Transfers107 %4.5
Airlines Transfers73 %3.0
Other Transfers68 %2.8
Insurance Transfers31 %1.3
Salary Transfers – Foreigners22 %0.9
Total2400100.0 %

Banks’ requests to cover letters of credit and transfers

(According to the beneficiary countries)

The  table below shows the values of banks’ requests to purchase foreign exchange by beneficiary countries from1/1 – to 28/02/2023, it is clear that 44.4% 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 8.1%, followed by Switzerland and Tinisia with rates of 5.7 % and 5.6%, respectively.

OrderBeneficiary CountryValue in USDRelative Importance %
1-United Arab Emirates860,329,01444.4
7-South Korea78,558,9464.1
10-Hong Kong S.A.R.44,885,4942.3
11-United Kingdom38,556,9332

Banks requests to buy foreign exchange

 (According to the countries of origin for the goods or services)

The  table below shows the values of banks’ requests to purchase foreign exchange by goods or services origins from 1/1 – to 28/02/2023, It is clear that Egypt ranked first, as goods or services of Egyptian origin accounted for 18.8% of the total accepted purchase requests. Imports of goods or services of Turkish origin came in second place, accounting for 18.1% of the total, and goods or services of Chinese origin accounted for 9.8% ranked third during the period, while goods and services of Tunisian origin accounted for 6.5%, and those of Indian origin accounted for 6.0%. The following table shows twenty countries of origin for goods or services.

OrderCountry of origin of goods or servicesValue in USDRelative Importance %
6-Russian Federation112,146,6185.8
7-South Korea70,454,5123.6
10-United Arab Emirates49,889,5532.6
15-United States25,227,0491.3
18-Hong Kong S.A.R.21,449,6381.1

Accepted bank requests to buy foreign exchange according to sectors

From 1/1 – to 28/02/2023

SectorNumber of companies, factories, or entities
Private Sector806
Public Sector23
Banking Sector3
Foreigners (Salary Transfers)23

Private sector:

The number of private sector companies and factories were (806) whose requests foreign exchange to cover letter of credits and other transfers were approved, they constituded of 769 companies and 37 factories from 1/1 – to 28/02/2023. 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 13.1% of total foreign exchange purchase requests. While the requests to cover the import of raw materials for the requirements of the aluminum and PVC industry ranked second in terms of relative importance, constituting about 5.4%, whereas the requests to cover the import of durum wheat accounted for 4.0% and the import of iron 4.0% of the total, and the following table shows the purchase requests for the fifty most important commodities or services during the period from1/1 –  to 02/28/2023.

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

From 1/1 – to 28/02/2023

Order.Goods or servicesValue in USDRelative Importance %
1Production and operation requirements226,201,78413.1
2Raw materials for aluminum and PVC industry supplies92,998,4615.4
3Durum wheat70,042,3854.0
6Electronic Equipment55,227,4923.2
8Cleaning materials42,403,9602.4
10Building materials39,755,1582.3
11Mobile phones and their accessories39,520,7772.3
12Cooking oil38,798,9032.2
13Agricultural machinery36,902,8402.1
14Soft wheat33,604,2781.9
17Building materials for floors and tiles28,142,4551.6
18Refrigeration and Air Conditioning Appliances26,257,9551.5
20Other Furniture22,401,2331.3
21Miscellaneous electrical appliances22,133,1961.3
22Packaging materials and papers22,041,1701.3
24Tomato paste21,438,2511.2
26Biscuits, chocolate and sweet20,580,7421.2
28Packaging Paper19,731,0921.1
29Frozen meat18,560,2811.1
31Poultry and frozen poultry meat17,898,9301.0
32Baby Milk17,738,9361.0
33Cigarettes and tobacco of all kinds16,922,2271.0
34Medical Equipment16,353,6900.9
35Electronic Equipment15,482,7800.9
38Refractory bricks13,859,0570.8
41Milk powder11,936,5110.7
42Processed cheese11,604,2190.7
43Empty cans10,401,0230.6
44TV screens10,243,6010.6
45Automotive Oils and Machinery9,819,2470.6
46Household and Electrical Materials9,642,2290.6
47Evaporated milk8,457,3370.5
49Agricultural Production Requirements7,614,1070.4
50Computers and Accessories7,425,1270.4

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

From 1/1 – to 28/02/2023

Order.Company or factoryValue in USD
1Al Bonyan Company for Smelting and Rolling Metals37,875,965
2Almaosem Company for Food Industries and Rice Mills34,017,845
3Haoth Shamal Afriqyah Company for the manufacture, desalination and bottling of drinking water26,112,400
4Al Naseem Food Industries23,160,384
5Alduda Alalameyah Alola Company for Feed Industry, Flour Mills and Food Industries21,818,420
6Al Mamoura Alola Company for Importing Foodstuffs19,218,104
7Doroob Libya Company for Importing Transportation Vehicles and Accessories17,778,785
8Alwesam Adahabee Company for the manufacture of flour, mills, feed and rice mills17,775,800
9Wadi Al-Kouf Company for Mills, Feed and Rice Mills17,293,300
10Almotahadah Aljadeed Company for Tobacco, Cigarettes and Accessories13,449,714
11Badya Al Khair Company for Mills, Feed and Pasta13,371,780
12Bonyan Libya Almostakbal Company for importing electrical and non-electrical appliances and materials, spare parts and appliances13,113,956
13Al-Rayhan Company for Food Industry12,918,756
14Aljahez  Company for Importing Foodstuffs12,731,200
15Thel Ateen Company for the manufacture of dairy and its derivatives12,502,000
16Jood Alola Company for Importing Raw Materials12,347,628
17Alasalla Adahabyah Company for Mills and Rice Mills12,309,000
18Al-Roken Company for Aluminum Industry11,957,378
19Al-Ikhtar Company for PVC Industry11,744,103
20Alrokon Alelektroni Company for the manufacture of electronic and electrical devices11,656,554
21Al-Raed Group Company for Importing Raw Materials11,545,600
22Al-Jayed Food Industries Company11,360,165
23Alafdal Company for Raw Materials10,841,400
24Adwaa Al Nayzak Company for importing electronic devices, accessories and spare parts10,484,991
25Al-Jayed Food Industries Company10,401,924
26Afaq Algad Aljadeed Company for the import of electrical and non-electrical devices and materials and spare parts9,930,650
27Arafeek Addaeam Company for Importing Cars and Spare Parts9,877,170
28Ibtahj Atabeesa Company for Importing Foodstuffs9,770,000
29Toyota Libya Automotive and Spare Parts Trading and Import and Export9,693,967
30Al-Itqan Group Company for the manufacture of cleaning materials9,429,930
31Lamsat Alhayah Company for importing medical equipment, medicines, medical preparations, mother and child supplies9,406,740
32Sama Almarai Company for Mills, Feed Industry and Rice Mills9,130,237
33Nibras Al-Khair Company for Feed Industry and Grain Milling9,088,080
34Al Sadd Company for Animal Feed Industry8,800,000
35Tarabulus Alkobra Company for the manufacture, packaging and packaging of tomatoes and foodstuffs8,680,000
36Awtar Assenaa Company for the manufacture of electronic and electrical devices8,671,905
37Shams Al-Watan First Company for Importing Electrical and Electronic Appliances, Accessories and Spare Parts8,526,141
38Al-Sawaed Company for Wood Industries8,519,474
39Assad Alalee Company for the manufacture of electronic devices8,439,964
40Tawasol Company for Paper Industries8,167,925
41 Al Shorouq Allebyah Company for Mills and Feed8,112,000
42Anwar Almadenah Company for the import of electrical and non-electrical devices and materials and spare parts8,105,267
43Anahj Alamthal Company for Food Industries7,871,315
44Almosem Almotamyez Company for the manufacture of flour, feed and rice mills7,789,839
45Alfaeada Adahabyah Company for Food Industries7,707,161
46Africa Beverage Bottling Company7,698,361
47Sheryan Alhayah Company for Importing Foodstuffs7,600,000
48Asayel Libya Company for Importing Building Materials, Sanitary Materials and Accessories7,523,260
49Al-Rasheed Company for the manufacture of electronic and electrical devices7,307,675
50Almarai Alkesbah Company for Mills, Feed and Rice Mills7,240,950

Public Sector

The number of public sector companies whose requests for foreign exchange to cover letters of  credits and other transfers were approved reached 23 companies from 1/1 – to 28/02/2023. Where banks’ requests to purchase foreign exchange by the Social Solidarity Fund to supply cars for people with disabilities, ranked first in total purchase requests during the reported period, accounting for 26.3% of the total foreign exchange purchase requests, while the requirements of Libyana Mobile Phone Company ranked the second with relative importance of 25.0%, whereas requests to cover the import of production and operation requirements accounted for 22.5%. The following table shows purchase requests from 1/1 – to 28/02/2023.

Purchase orders by commodity or services – Public sector

From 1/1 – to 28/02/2023

Order.Goods or servicesValue in USDRelative Importance %
1General Authority for Social Insurance Fund – Supply of cars for people with disabilities51,900,00026.3
2Libyana Mobile Phone Company Requirements49,363,21125.0
3Production and operation requirements44,579,43622.5
4General Electricity Company Supplies8,039,1724.1
5Almadar Aljadeed Company7,887,4674.0
6Communications and IT Services7,689,7783.9
7Electronic Devices4,333,5302.2
8Housing and Utilities Projects Authority4,061,7812.1
9Airline Transfers3,403,7341.7
10Afriqiyah Airways2,712,7391.4
11Insurance Company Transfers2,440,1911.2
12Port operation and maintenance requirements2,436,0251.2
14Libya Telecom and Technology Company1,323,8110.7
15Social Welfare Fund1,300,6940.7
16Libyan Airlines Requests1,232,4520.6
17Household and Electrical813,8280.4
18Building Materials and Construction Supplies740,8960.4
19Operating needs of Muamalat634,8000.3
20State Company for Importing Security Goods578,8250.3
21Libyan Ports Company215,9390.1
22Port Operating Requirements15,1120.0

Purchase requests by entities – Public sector

From 1/1 – to 28/02/2023

Order. Entity NameValue in USD
1Libyana Mobile Phone Company72,327,904
2General Authority of the Social Solidarity Fund51,900,000
3Administrative Centers Development Authority20,268,177
4Almadar Aljadded Company14,191,141
5General Electricity J.S.C8,039,172
6Afriqiyah Airways6,116,473
7Housing and Utilities Projects Implementation Authority4,061,781
8Libya Company for Communication and Technology3,148,210
9National Cement Company2,604,713
10Authority for the Construction and Maintenance of Ports and Fishing Harbors2,315,300
11Libya Insurance Company2,204,431
12General Company for Paper and Printing1,994,750
13Libyan International Telecommunications Company1,732,527
14Social Welfare Fund at the Ministry of Interior1,300,694
15Libyan Airlines1,232,452
16Aljeel Aljadded Technology Company1,123,447
17Systems Company for Electrical Construction J.S.C813,828
18Muamalat Financial Services Company634,800
19State Company for Importing Security Goods J.S.C578,825
20Alenma Electric Investment Company380,132
21Libyan Ports Company351,776
22Libyan Federation of Insurance Companies235,760
23Misurata Free Zone141,878

Banking Sector:

Accepted Coverage Requests – Banking Sector

From 1/1 – to 28/02/2023

“Descending order”

Order.BankValue in USD
1United Bank for Commerce and Investment3,193,939
2Al Andalus Bank Company674,944
3Alaman Bank for Trade and Investment385,949

According to Goods and Services – Banking Sector

“Descending order”

Order.Goods or ServicesValue in USD
1Operating expenses for Commercial banks3,193,939
2 Al-Andalus Bank Transfer674,944
3 Machinery and Equipment385,949

According to Country of Origin – Banking Sector

“Descending order”

Order.Country of OriginValue in USD
2United States450,000
7United Kingdom4,944

According to Beneficiary Country – Banking Sector

“Descending order”

Order.Beneficiary CountryValue in USD
2United States650,000
6United Kingdom4,944

Foreigners (salary transfers):

Accepted Coverage Requests

Foreign Transfers – Salaries

From 1/1 – to 28/02/2023

Order.EntityValue in USD
1 (22) Salary transfers for foreigners501,552
2Flight Transfer – Transfer of surplus sales to Tunisian services297,058

According to Beneficiary Country – Foreign Transfers (Salaries)

Order.Beneficiary CountryValue in USD

Private Sector Appendices

Accepted coverage requests for the private sector from 1/1 – to 28/02/2023:

List of all beneficiary companies and factories

Purchase Orders by Goods or Services

Purchase orders by country of origin of goods or services and the beneficiary country.