The Central Bank of Libya revealed exclusively to our source that its employees are continuing to work late into the night to grant approvals to banks and resolve pending issues in the credit system.
The Bank emphasized its commitment to fulfilling previously agreed obligations and confirmed that the system will remain open to banks tomorrow, Thursday.
Our senior official at the Central Bank of Libya revealed exclusively that the process of selling currency to banks is continuing rapidly, and credit approvals are ongoing.
According to the source, extended working hours for the system will continue until all planned approvals are granted, and messages have already started reaching bank customers.
An official source at the Central Bank of Libya told our source exclusively that the foreign assets of the Central Bank, including foreign currency reserves, increased by $3 billion, reaching $98.4 billion by the end of September compared to $95.3 billion at the end of 2024.
He added: “The Central Bank will announce more details in its upcoming statement and confirms that the overall situation is comfortable, with no use of the reserves recorded until the end of September.”
The Central Bank of Libya revealed exclusively to our source that the Accounts Department has begun executing and selling USD 1.7 billion to banks to cover letters of credit, in addition to granting new approvals worth USD 2 billion.
It confirmed that bank clients will receive an SMS notification once their letter of credit is approved — a step that facilitates suppliers in obtaining information and communicating with their banks. The results of today’s operations (Wednesday) will be announced by the end of the working day.
The Accounts Department at the Central Bank of Libya told our source exclusively that it has completed preparations to sell USD 1.7 billion to banks tomorrow, Wednesday, as well as reviewed new approvals already registered in the system for banks, amounting to USD 2 billion.
The department explained that this step comes to facilitate the import process for small traders and suppliers and to cover demand in line with market needs.
The Central Bank of Libya told our source exclusively that tomorrow at noon will determine the state of the exchange rate in the parallel market, following the completion of the withdrawal of certain currency denominations, the injection of foreign currency into commercial banks, and the granting of a significant volume of letters of credit approvals to meet market demand and needs.
The Bank confirmed that the exchange rate level at which the market will stabilize will be determined, expecting a sharp decline, alongside the start of the Central Bank’s next measures.
The Central Bank of Libya revealed exclusively to our source that it has begun implementing a plan to provide liquidity through commercial banks, within citizens’ monthly needs of 3,000 dinars, while maintaining a reserve of cash for the coming months and continuing to encourage the use of electronic payment methods.
The Central Bank also began this morning disbursing September salaries through the “Instant Salary” system, covering one million employees.
It added: “We had hoped that the Ministry of Finance would transfer all those registered in the system to facilitate the salary disbursement process. However, the matter has been postponed until October, which will be the last chance for entities to remain in the payroll system.”
The Central Bank of Libya revealed exclusively to our source that the disbursement of September salaries has begun today through the “Instant Salary” system, covering one million employees.
The Bank stated: “We had hoped that the Ministry of Finance would transfer all those registered in the system to facilitate the salary disbursement process; however, the matter has been postponed until October, which will be the last chance for entities to remain in the payroll system.”
It added: “We confirm the start of implementing a plan to provide liquidity through commercial banks, within the limits of citizens’ monthly needs of 3,000 dinars, while ensuring a cash reserve for the coming months and continuing to encourage the use of electronic payment methods.”
The Central Bank of Libya revealed exclusively to our source that a systematic campaign is being led by several anonymous pages against the Bank’s Governor, Naji Issa, following the Bank’s success in curbing the parallel market and narrowing the gap with the official exchange rate—an approach that is close to ending this phenomenon.
The Central Bank confirmed that neither the foreign reserves nor the gold have been touched at all, contrary to what some claim. The Bank will publish the figures for reserves and gold in its upcoming statement, just as it did in the August report.
The Central Bank of Libya revealed exclusively to our source that one of the most important upcoming steps is combating the smuggling and export of goods through border crossings, in cooperation with the Ministry of Economy and the regulatory and security agencies, as these practices cause a significant waste of resources.
It added that there will be strong and deterrent penalties imposed by security and judicial authorities on smugglers, whether companies or individuals.
Confirming what our source had exclusively reported, the Central Bank of Libya revealed that this week it executed letters of credit worth $3.7 billion in the form of sales to banks and granting final approvals.
According to the Central Bank, banks have been notified to provide coverage in their own accounts and those of their clients. This measure, it stated, will reduce demand for letters of credit and fully cover the market’s needs.
The Central Bank of Libya told our source exclusively: We have coordinated with the Ministry of Economy on implementing a package of measures to regulate the import process, including a ban on imports unless conducted through banking procedures, now in effect. This aims to support small traders and ensure the smooth flow of goods with the Chinese market.
The Central Bank added: We will issue new measures to enable suppliers to make direct transfers to the Chinese market, under conditions and regulations that ensure transfers are used for their intended purposes.
Our source has exclusively obtained a circular from the Central Bank of Libya, instructing commercial banks to once again notify their customers of the approaching end of the withdrawal period for the 20, 5, and 1 dinar currency notes.
The Central Bank also urged banks to facilitate procedures related to deposits.
Abdulbasit Jaboua, Head of the Committee for Preparing the Anti-Corruption Strategy at the Audit Bureau, told our source exclusively that as part of the strategy, there will be a program to fully present the data, whether related to financial data on expenditures—showing the allocations and what is being disbursed by the Ministry of Finance, as well as what is being executed by the Central Bank of Libya. There will also be financial reconciliation, since the Central Bank relies on data from bank accounts, while the Ministry of Finance has its own budget items and records. Therefore, a linkage will be made between the amounts issued by the Ministry of Finance and those disbursed by the Central Bank.
Jaboua added that the swap mechanism had been suspended since March, and there were delays in transferring allocations due to the absence of financial provisions in Chapter Four of the budget. A decision was therefore issued to allocate 20 billion dinars, and repayment began in May. The return of fuel imports through official procedures and the banking system was the main focus, but currently there are delays in paying for fuel shipments. This has led some companies to withhold portions of oil revenues. Coordination is now underway between the government, the Ministry of Finance, the National Oil Corporation, and the Central Bank, while the Audit Bureau monitors these procedures. “I believe that by October, the outstanding amounts will be settled,” he said.
He continued: The deficit in the balance of payments is due to demand for foreign currency and letters of credit, whether for projects, goods imports, or even personal purposes. This sometimes happens because of delays in oil revenue inflows. At present, however, revenues are being monitored between the National Oil Corporation, the Libyan Foreign Bank, and the Central Bank of Libya.
Jaboua explained that, looking at the first seven months of this year, the Central Bank announced in its report a foreign currency deficit of $5 billion. This deficit may decline during the remaining five months, as the Central Bank had to inject $5 billion to maintain the stability of the Libyan dinar’s exchange rate.
He concluded: There was a previous agreement between the Audit Bureau and the National Anti-Corruption Authority, followed by the development of a strategy aimed at making oversight and auditing integrated across both the public and private sectors. Since the Bureau is legally responsible for public funds, we sometimes face difficulties in completing oversight without the presence of the Anti-Corruption Authority.
Our responsible source at the Central Bank of Libya revealed exclusively that the total value of banks’ requests to cover September’s letters of credit transferred to the Central Bank during the month amounts to $3.7 billion, which will be executed and approved next week. Of this, $1.8 billion will be paid to commercial banks, while $1.9 billion will receive final approval and coverage.
This volume of letters of credit confirms the success of the letters of credit reservation platform in ensuring fairness among suppliers and small traders. The Central Bank continues to cover both letters of credit and personal purposes.
