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Exclusive – Al-Bouri: Confident the New ATIB Board Will Make a Major Impact and Lead the Bank to the Forefront of Banking Innovation in Libya

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Noaman Al-Bouri, a shareholder in Al-Saray Bank for Trade and Investment (ATIB), extended his sincere congratulations to the bank’s newly appointed board of directors, expressing strong confidence in their ability to lead the institution toward greater progress, innovation, and institutional excellence.

Speaking to our source, Al-Bouri said:
“As a shareholder in the bank, I’m pleased to see a professional and experienced board taking charge. I know each member personally and have full confidence in their vision and capabilities. I am certain they will make a significant impact and help position ATIB at the forefront of banking innovation in Libya.”

He emphasized that this legitimate board is a far better alternative to the temporary committee, which the judiciary has already ruled illegitimate.

Al-Bouri also voiced his optimism about the bank’s future, underlining the importance of this phase and the board’s role in enhancing governance, driving digital transformation, and restoring the confidence of partners, shareholders, and clients:
“This is a critical moment in the bank’s history. With the right leadership in place, I believe Al-Saray is well positioned to lead the sector toward a more transparent, trusted, and customer-centered future.”

He affirmed his full support for the new board and wished them success in their upcoming journey.

Al-Bouri further stressed that legal proceedings will continue against those involved in the abuse of power and the defiance of judicial rulings:
“These are serious violations, and legal action will persist until full justice is served.”

He reaffirmed that the objective of these legal actions is to ensure such misuse of authority is never repeated. He also pointed to recent court rulings in favor of the original board, including a verdict from the Court of Appeals.

In conclusion, Al-Bouri reaffirmed his unwavering commitment to the rule of law and the independence of the judiciary, stating that these are non-negotiable principles under any circumstance.

Exclusive: Banking Source Reveals the Opening of the Foreign Exchange System on January 1 for All Purposes

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Our banking source confirmed that the foreign exchange system will be opened on January 1 for all purposes.

The Central Bank’s administration is reportedly ready to begin operations normally, according to the source.

Al-Hassi to Our Source: “The National Commercial Bank’s Budget Exceeds 500 Million Dinars in Profits for 2024”

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The Chairman of the Board of Directors of the National Commercial Bank, Khaled Al-Hassi, stated in a comment to our source, on the occasion of the bank’s 70th anniversary, that nearly 7 billion dinars have been settled, and provisions have risen to approximately 1.3 billion dinars to address any potential issues. This instills confidence in external correspondents when dealing with the commercial bank in foreign transactions.

Al-Hassi added that the bank’s budget is expected to exceed 500 million dinars in profits during 2024, for the first time since its establishment. This comes after avoiding the anticipated tax expenses. He further clarified that most branches in the southern region have been renovated, and some young university graduates have been hired to enhance the workforce.

Al-Hassi emphasized that the bank has settled the situation for its employees, added more than 300 ATM machines, and now has machines for both Libyan dinars and foreign currencies. He added that the bank is working on including some banks, oil companies, and insurance companies to obtain certificates in banking operations in various economic fields, including risk management, Islamic banking, and others.

Concluding his statement to our source, Al-Hassi said: “I believe that today, especially in this month, we are the only bank in Libya paying the equivalent of 2,000 dinars, unlike other banks. Moreover, all machines are functioning efficiently with financial provisions and operate 24 hours a day.”

Al-Akari: Causes and Solutions Regarding the Circulation of Over 70 Billion Dinars in Cash Outside the Banking System

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The economic expert, Misbah Al-Akari, wrote an article in which he stated: “An amount of cash exceeding 70 billion Libyan dinars is circulating in the local market outside the banking system. This massive amount has become subject to trading in a very peculiar phenomenon referred to as “burning.”

The rise in government spending, which surpassed 84 billion dinars—of which 57 billion is allocated to salaries—has necessitated the availability of rapid payment tools to avoid further financial complications, including the ongoing liquidity issue. Addressing this challenge requires introducing the payment tools available in the Libyan banking system, which include:

  • RTGS (Real-Time Gross Settlement) system: Allows transferring unlimited amounts between customer accounts for transactions exceeding 10,000 dinars.
  • ACH (Automated Clearing House) system: Functions similarly to RTGS but is used for transactions below 10,000 dinars.
  • Certified checks: Up to 250,000 dinars.
  • Electronic and traditional checks: Electronic checks are preferred due to their fast clearance (within 24 hours), while traditional checks are being phased out.
  • Internal transfers within the same branch: Upon customer request.
  • Electronic payment methods.
  • Bank cards: Issued by Libyan banks, usable at ATMs and POS devices. With the activation of the Off-US service, all bank cards can be used across different banks’ ATMs and POS devices.
  • Banking apps: Available at all banks, offering various services such as money transfers, balance checks, transaction history, and card purchases.
  • LY PAY and ONE PAY services: These allow money transfers between customer accounts across banks.

The Central Bank of Libya reported the following results for these payment tools:

  • Number of checks: 2,890,587 checks amounting to 96 billion dinars.
  • Bank cards: 4,754,518 cards with total transactions worth 19.9 billion dinars.
  • App subscribers: 3,111,952 users generating transactions valued at 84.9 billion dinars.
  • POS devices: 72,769 devices.

A total of 121 million electronic transactions were conducted, amounting to 104.9 billion dinars. Meanwhile, cash distribution this year reached 59 billion dinars.

From these figures, it is evident that the solution to the liquidity problem lies in gradually transitioning to alternative payment tools, as detailed above. This would reduce dependence on cash. Currently, cash withdrawn from banks is spent in retail stores and does not return to the banking system. Instead, it becomes a traded commodity, often resold to citizens at a markup of up to 35%.

Despite the governor’s directives for commercial banks to reduce fees to 1–1.5%, Libyan citizens still complain about high fees. This is attributed to clear exploitation by some retailers and non-compliance by certain banks with these instructions.

We urge the Banking Supervision Department to monitor the issue of fees and call on relevant authorities to address the exploitation of excessive fees by some merchants. Strict enforcement can help support this strategic transition to alternative payment methods.”