Tag: central bank

The Central Bank of Libya stated exclusively to our source:

“We have been working since day one under almost oppressive conditions, and we have managed to continue despite all difficulties, including conspiracies and obstacles.”

The Central Bank also noted that it is currently facing cyber, security, media, and other types of attacks due to its commitment to the comprehensive reform process. It added that this is clear evidence that the bank’s policies and reform measures are on a steady path toward eliminating financial, administrative, and institutional corruption.

Our exclusive sources revealed that the systems of the Central Bank of Libya have, over the past period, been subjected to repeated attempts of cyber intrusion, confirming that the bank’s systems and platforms remain secure and have not been affected by these attempts, following technical measures that included the complete isolation of systems and strengthening of cybersecurity measures.

The sources explained that these developments come amid increasing pressure and threats from several local parties targeting the bank’s leadership, along with fears of a possible repetition of the scenario of storming the bank that occurred in previous periods.

The sources added that the arrest of a number of department directors at the bank, and the exceptional circumstances that accompanied this, pushed the bank’s management to take a series of precautionary measures aimed at ensuring the safety of work processes and maintaining the continuity of services provided to citizens and the banking sector.

The sources confirmed that the bank continues to monitor technical and security conditions on an ongoing basis, while working to protect digital infrastructure and enhance system readiness to face any potential targeting attempts.

Our sources exclusively nconfirmed that additional summonses continue to be issued to department directors at the Central Bank of Libya.

According to the sources, those summoned include:

• Miloud Al-Fartas, Director of the Issuance Department.
• Hamza Al-Juaidi, Head of the Letters of Credit Committee and Deputy Director of the Banking Supervision Department.
• Abdulmajid Al-Maqouri, Director of the Banking Supervision Department at the Central Bank of Libya.

Our sources revealed exclusively that the systems of the Central Bank of Libya have been subjected to repeated cyber intrusion attempts. However, the bank’s systems and platforms remain secure, as they have been fully isolated and separated to protect critical operations.

According to the sources, these incidents are occurring amid significant pressure and threats from various local actors targeting the bank’s leadership. Concerns have also been raised about the possibility of attempts to storm the institution, similar to incidents that occurred in previous years, during which several department directors were detained.

The sources added that these circumstances have prompted the bank to implement precautionary measures aimed at ensuring the safety of its operations and maintaining the continuity of its services.

The Central Bank of Libya told our source that it has begun today the implementation of a comprehensive update of all electronic systems and a technical audit of all main and subsidiary systems, following the incident that caused an unexpected interruption of electronic services.

The bank explained that these measures are being taken to prevent similar incidents from recurring in the future, noting that the update and maintenance process will require a temporary suspension of certain services until the technical work is completed.

Our source has categorically denied rumors circulating online that falsely claimed the outlet had reported the death of former Seddiq Al-Kabeer.

According to Sada, the reports being attributed to the publication are entirely false.

The outlet stated that Al-Kabeer personally contacted Sada Economic News and confirmed that he is in good health, dismissing the rumors regarding his alleged death.

Sada also emphasized that its current and official Facebook page is its only authorized social media presence and the sole approved source for publishing its news and content.

The publication urged followers not to rely on fake pages or unverified information and to verify news through its official channels before sharing or believing such reports.

Our source obtained a copy of a circular issued by the Central Bank of Libya to commercial banks instructing them to extend working hours until 7:00 p.m., starting Wednesday and continuing until Thursday corresponding to 11-06-2026.

This extension is aimed at facilitating the distribution of cash US dollars to citizens.

The Central Bank also stated that all foreign currency systems for all purposes, including letters of credit, will remain open tomorrow.

It further emphasized the necessity for banks to inform their customers through all available social media channels regarding service availability and working hours.

The move comes as part of ongoing efforts to manage foreign currency demand and ensure wider access to cash dollar allocations through the banking system.

The Central Bank of Libya confirmed exclusively to our source that commercial banks have received their full requirements of cash US dollars, with total available balances now exceeding $800 million.

The Central Bank explained that some banks experienced delays in distributing cash dollars to their branches due to logistical procedures. These delays occurred after the Eid holiday period, but once working hours were extended, the distribution process began to accelerate significantly.

According to the Bank, starting tomorrow, all bank branches across the country will be fully supplied with cash dollars and will have sufficient liquidity available for customers.

The Central Bank also stated that it is prepared to provide additional tranches of foreign currency if demand exceeds the current threshold of $800 million.

It further confirmed that foreign currency card reservations are continuing smoothly, while sales of letters of credit and foreign transfers have exceeded $1 billion over the past two days. The Bank added that approvals for new letters of credit continue at a value of around $1.5 billion.

The Central Bank of Libya told our source that it has officially begun implementing its foreign currency sales program for commercial banks, covering letters of credit, international transfers, and personal foreign exchange allocations.

According to the Central Bank, a minor technical issue temporarily affected access for some users of the platform. The issue was resolved in less than thirty minutes, and the system subsequently returned to normal operation.

The Bank stated that citizens are currently able to reserve foreign currency smoothly through the platform by selecting exchange companies, service centers, and participating banks, while commercial banks continue to process foreign currency sales.

As previously announced, the Central Bank has allocated:

• $1.5 billion for letters of credit (LCs).
• $1 billion for various foreign transfer purposes.
• Additional allocations for personal foreign currency purchases through cash withdrawals and bank cards.

According to figures provided by the Central Bank:

• More than 32,000 citizens have selected exchange companies and bank branches to receive foreign currency in cash, representing a total value exceeding $64 million.
• More than 43,000 citizens have applied for foreign currency allocations through bank cards, with a total value exceeding $85 million.

The Central Bank added that bank branches continue to operate until 7:00 p.m., in accordance with instructions issued by the Governor of the Central Bank, in order to facilitate the distribution of foreign currency and accommodate demand.

The Central Bank of Libya confirmed exclusively to our source that it will begin, starting Tuesday, implementing a $3.5 billion foreign currency allocation program through commercial banks.

According to the Central Bank:

• $1.5 billion will be allocated to commercial banks for letters of credit (LCs).
• $1 billion will be allocated for foreign transfer requests covering various purposes.
• $1 billion will be dedicated to personal-use foreign currency reservations, including bank card allocations and cash purchases.

The Central Bank also stated that it will continue issuing new approvals for letters of credit and foreign transfers, a measure intended to help ease demand pressures and make use of oil revenues deposited with the bank.

According to the Bank, oil revenues expected to be transferred to the Central Bank during June are projected to reach $3.5 billion.

As a result, the total amount expected to be injected into the market during June for all purposes is also estimated at $3.5 billion.

The move aims to improve foreign currency availability, support trade financing, facilitate personal foreign exchange access, and reduce pressure on the foreign exchange market.

Our source obtained a Central Bank of Libya correspondence instructing banks to cover citizens’ cash allocations for personal purposes, totaling $800 million, and requesting coordination with the Issuance Department to receive the required cash dollars to fulfill these allocations.

The Central Bank added that the remaining balance in commercial banks’ vaults amounts to $126 million, while it will cover the remaining $674 million according to the attached schedule.

It further explained that banks are required to contact the Issuance Department at the beginning of the first working day after the Eid al-Adha holiday to receive foreign currency cash, replenish vaults, and execute citizens’ requests. Banks were also instructed to prepare a distribution plan across all branches.

The Central Bank confirmed that it is targeting a total distribution of $1 billion during June.

Our source obtained correspondence from Central Bank of Libya Governor Naji Issa directing banks to operate tomorrow, Tuesday, to enable citizens to withdraw cash ahead of Eid al-Adha.

The holiday is scheduled to begin on Wednesday and continue until Monday, June 1, with official work resuming on Tuesday, June 2.

The Governor of the Central Bank of Libya has issued instructions to all banks to continue operating tomorrow, Tuesday, until 3:00 PM.

The decision aims to ensure the continued provision of banking services and the availability of liquidity for citizens across all regions of Libya. Additional cash liquidity has also been supplied and distributed to all branches of commercial banks.

The Central Bank of Libya confirmed exclusively to our source that May salaries for all sectors under Chapters One, Two, and Four of the state budget will be processed today, Wednesday.

The payments will be made through the “Instant Salary” system and electronic wallets, enabling citizens to access their salaries ahead of Eid al-Adha.