Skip to main content

Tag: central bank

UN Report Reveals Oil Revenues Being Redirected Away from Central Bank

Written by Amira Cherni on . Posted in Reports. No Comments on UN Report Reveals Oil Revenues Being Redirected Away from Central Bank

The Turkish newspaper Daily Sabah reported on Tuesday that several Arab and international newspapers have cited a United Nations report implicitly accusing Saddam Haftar, son of Khalifa Haftar, commander of the armed forces in eastern Libya, of “smuggling” oil through a private company involved in crude oil sales.

According to the Turkish newspaper, a Libyan company linked to Saddam Haftar has exported at least $600 million worth of oil since May, based on shipping records and UN experts.

The report mentioned that Arkino Oil, a relatively unknown company founded in 2023, may be facilitating the diversion of some oil revenues away from the Libyan Central Bank.

Meanwhile, the weekly newspaper Al-Arab stated on February 18 that Arkino is indirectly controlled by Saddam Haftar, who serves as the Chief of Staff of the Ground Forces in the so-called Libyan National Army, according to the UN Panel of Experts.

Earlier, Reuters conducted an investigation into the company, using shipping documents and data from the London Stock Exchange Group and Kpler. The findings suggested that some oil revenues were being redirected away from the Libyan Central Bank. Simultaneously, the investigative organization The Sentry raised significant concerns about potential corruption.

The Asharq Al-Awsat newspaper noted that the UN document emphasized Saddam Haftar’s appointment to his military position last May, allowing him to strengthen his control over Libya’s regional relations and economic interests, according to experts.

The Arab Weekly reported that journalists could not identify the owners of Arkino, but the UN Panel of Experts stated in a report submitted to the Security Council on December 13 that the company is indirectly controlled by Saddam Haftar.

Arkino’s headquarters is in Benghazi, an area under Haftar’s control, according to the company’s website.

Despite ongoing instability in Libya, oil exports remain under the control of the eastern government. The National Oil Corporation, which has long operated independently and maintained political neutrality, still accounts for the majority of Libya’s oil exports. It shipped approximately 264 million barrels of oil, valued at around $21 billion, during the same period in which Arkino conducted its shipments, according to Kpler data.

Exclusive: Central Bank Aims to Keep Dollar Below 6.30 Before Ramadan, Policy Tied to Spending and Revenue

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Central Bank Aims to Keep Dollar Below 6.30 Before Ramadan, Policy Tied to Spending and Revenue

The Central Bank of Libya told our source exclusively that its goal is to ensure the black market exchange rate of the dollar does not exceed 6.30 LYD before Ramadan, with a further target of 6.15 LYD during the holy month.

The bank stated that its monetary policies rely on public spending and oil revenue to achieve these targets.

Exclusive: Central Bank Directs Banks to Accept International Cards on Local POS with a 2.5% Fee Cap

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Central Bank Directs Banks to Accept International Cards on Local POS with a 2.5% Fee Cap

Our source has exclusively obtained a directive from the Central Bank of Libya to commercial banks regarding the resumption of accepting international payment cards on local point-of-sale (POS) terminals owned by Libyan banks.

This decision aligns with the regulations outlined in Circular No. (2024/17), with a strict requirement that transaction fees do not exceed 2.5%.

Exclusive: Central Bank Governor Directs Completion of January Salary Transfers and Cash Availability

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Central Bank Governor Directs Completion of January Salary Transfers and Cash Availability

The Central Bank of Libya revealed exclusively to our source that its Operations Department has completed the transfer of January salaries for all government sectors this evening.

Salaries will be deposited into citizens’ accounts by relevant sectors and banks, accompanied by sufficient cash availability at all bank branches to ensure continuous withdrawals without interruption.

The Central Bank Governor has instructed continued operations until all salary transfers are finalized, which was completed at 6:30 PM.

Exclusive.. Central Bank Sends a Cash Shipment to Sebha City Worth 52.4 Million Libyan Dinars

Written by Amira Cherni on . Posted in News. No Comments on Exclusive.. Central Bank Sends a Cash Shipment to Sebha City Worth 52.4 Million Libyan Dinars

The Central Bank of Libya, on Wednesday, February 5th, dispatched a new cash shipment from Mitiga Airport in Tripoli to Sebha City, carrying 52.4 million Libyan dinars.

This move aims to support the cash reserves of the Central Bank branch in Sebha. The Central Bank will continue sending cash shipments gradually until all Libyan cities receive their allocations, as part of its planned efforts to provide liquidity, in line with the instructions of Mr. Naji Mohamed Issa, Governor of the Central Bank of Libya, and his deputy.

Central Bank Sends 120 Million Libyan Dinars to Support its Branch in Benghazi

Written by Amira Cherni on . Posted in News. No Comments on Central Bank Sends 120 Million Libyan Dinars to Support its Branch in Benghazi

In an exclusive report to our source, the Central Bank of Libya announced the dispatch of a new shipment of cash today. The shipment, carrying 120 million Libyan dinars, departed from Mitiga Airport in Tripoli and is headed to Benina Airport in Benghazi. This move is aimed at bolstering the reserves of the Central Bank branch in Benghazi.

The Central Bank plans to continue sending cash shipments to all Libyan cities as part of its strategy to ensure sufficient liquidity across the country. This effort is being carried out under the guidance of Mr. Naji Mohamed Issa, Governor of the Central Bank of Libya, and his deputy.

Exclusive: Central Bank Grants Final Operating Licenses to 64 Exchange Companies and Offices

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Central Bank Grants Final Operating Licenses to 64 Exchange Companies and Offices

Banking sources revealed exclusively to our source that the Central Bank of Libya has granted final operating licenses to 64 exchange companies and offices, allowing them to commence operations starting today.

The official announcements, including the names of the licensed companies and offices, will be published on the Central Bank of Libya’s website.

Exclusive: Central Bank to Sada – Monitoring Market Conditions and Expecting Dollar Decline

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Central Bank to Sada – Monitoring Market Conditions and Expecting Dollar Decline

The Central Bank of Libya revealed exclusively to our source that foreign currency sales for all purposes are proceeding smoothly, with the bank covering all demands received through the letters of credit and card systems.

The bank also expects the dollar exchange rate to drop below 6.35 LYD this week after reaching 6.40 LYD per dollar. The Central Bank remains committed to monitoring foreign exchange market conditions.

Commenting on the Activation of Exchange Services, Ghaith to Sada: “Does the Central Bank Have Sufficient Oversight to Prevent Money Laundering or Speculation?”

Written by Amira Cherni on . Posted in News. No Comments on Commenting on the Activation of Exchange Services, Ghaith to Sada: “Does the Central Bank Have Sufficient Oversight to Prevent Money Laundering or Speculation?”

Former board member of the Central Bank of Libya, Mrajaa Ghaith, spoke to our source regarding the activation of exchange services. He stated that the 2013 decision approved the establishment of exchange offices under the condition that they would not obtain foreign currency from the Central Bank. “If the Central Bank currently provides foreign currency in a monopolized manner, then where will exchange offices source their currency?” he questioned.

Ghaith also raised concerns about whether the same approach will continue with the so-called personal-use cards and whether the Central Bank has the necessary capacity to monitor these offices and ensure they do not engage in money laundering or speculative trading.

Exclusive: Abu Bakr Abu Al-Qasim Reveals the Benefits of Granting Licenses to Exchange Companies and Offices

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Abu Bakr Abu Al-Qasim Reveals the Benefits of Granting Licenses to Exchange Companies and Offices

The Head of the Accounting Department at the Libyan Academy, Dr. Abu Bakr Abu Al-Qasim, spoke exclusively to our source, stating: “The decision by the Governor of the Central Bank of Libya to grant operating permits to 64 exchange companies and offices is a highly commendable step. It comes after repeated demands to regulate and formalize currency exchange activities in the Libyan market.”

He added, “This move will undoubtedly bring numerous positive effects to the sector while eliminating many of the negative consequences caused by decades of chaos and illegality in this activity.”

Highlighting key benefits of regulating currency exchange, he stated, “With this sector now under the supervision and oversight of the Central Bank, it will be possible to monitor and control foreign currency transactions. Furthermore, legalizing this activity transitions it from the informal economy to the formal economy, bringing significant advantages.”

He also pointed out that this regulation could increase tax revenues, contributing to the state budget through taxation on the income of these exchange offices and companies. Additionally, it could aid in monitoring money laundering and preventing the use of funds for criminal activities.

He concluded by emphasizing, “Ending the chaos in this sector, which has caused significant harm, is a crucial step. We support this initiative and urge the Central Bank, through its specialized departments, to closely monitor this activity, particularly in its first year, to address any shortcomings or gaps that may arise and resolve them promptly.”

Exclusive: After Five Decades of Illegal Operations, the Black Market is Finally Legalized

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: After Five Decades of Illegal Operations, the Black Market is Finally Legalized

Libyan businessman Hosni Bey told our source exclusively: “After 12 years of waiting since submitting applications for exchange office licenses in compliance with the law, the Central Bank of Libya has granted permits to practice the profession under the supervision of the relevant administration within the Central Bank.”

He added, “Finally, exchange office licenses are seeing the light. Less than 60 days after the law was adopted and approved by the Central Bank’s board of directors, official permits for exchange offices have begun to be issued.”

Bey continued, “The so-called ‘black market’ is, in reality, a ‘free market,’ and after five decades of operating illegally and outside the law, it is now being legalized.”

He further stated, “This is an excellent step in the right direction. However, we hope that the Central Bank of Libya will regulate the sector through a flexible exchange rate and a transparent mechanism that ensures competition and currency market stability so that profits do not come at the expense of the public interest—the interests of the people and the Central Bank.”

Exclusive: Central Bank to Continue Foreign Exchange Sales at the Same Pace Due to Daily Revenue Transfers

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Central Bank to Continue Foreign Exchange Sales at the Same Pace Due to Daily Revenue Transfers

The Central Bank of Libya exclusively revealed to our source that an agreement was reached with the National Oil Corporation, supported by the Audit Bureau and the Public Prosecutor’s Office, to transfer oil revenues to the Central Bank on a daily basis.

This arrangement has facilitated the bank’s ability to meet foreign exchange requests starting today. The bank will continue to sell foreign currency at the same pace as on February 2 in the coming days.

Exclusive: Central Bank Reveals Foreign Exchange Sales Figures

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Central Bank Reveals Foreign Exchange Sales Figures

A source at the Central Bank of Libya exclusively disclosed to our source the foreign exchange system report for February 2. The source stated that $484 million was reserved for personal purposes, while $276 million was sold from previous reservations. Additionally, $243 million was allocated to cover previous letters of credit, and approximately $300 million in new letters of credit was approved.

Al-Abidi to Sada: “The 2025 Budget Will Be Unified… and These Are the Benefits of the Central Bank Administration’s Visit to Derna”

Written by Amira Cherni on . Posted in News. No Comments on Al-Abidi to Sada: “The 2025 Budget Will Be Unified… and These Are the Benefits of the Central Bank Administration’s Visit to Derna”

The Second Deputy Chairman of the High Council of State, Omar Al-Abidi, revealed in a statement to our source that the visit of the Board of Directors of the Central Bank of Libya, led by Governor Naji Issa, carries significant political symbolism and reflects Libya’s commitment to unity and the fact that Libya is one united entity.

He also indicated that this visit is expected to be followed by a series of consecutive meetings of the Central Bank’s Board of Directors across various regions, including Benghazi, Sabha, Misrata, Zawiya, Zintan, and other Libyan cities.

Additionally, he stated that the 2025 budget will be a unified budget approved by the House of Representatives in consultation with the High Council of State.

Exclusive: Commenting on Oil Field Closures, Al-Safi States: “The Central Bank’s Ability to Meet Demand Will Decline, Potentially Forcing a Return to Demand-Curbing Policies”

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Commenting on Oil Field Closures, Al-Safi States: “The Central Bank’s Ability to Meet Demand Will Decline, Potentially Forcing a Return to Demand-Curbing Policies”

Economic expert Mohamed Al-Safi exclusively told our source regarding the closure of oil fields: “It’s truly a regretful development that further complicates the situation. The Central Bank is already struggling to counter excessive demand for dollars.”

He added: “The oil closures, which will result in a drop in revenues, will reduce the Central Bank’s capacity to meet demand. This may force a return to demand-curbing policies, such as raising taxes, adjusting exchange rates, limiting import quotas through letters of credit, or suspending allocations for specific private purposes. These measures typically impact the parallel market exchange rate and, consequently, prices.”