Sources told our source about a new intervention by security authorities to halt buying and selling operations in Al-Mushir market, at a time when the dollar is witnessing a noticeable drop below 7 dinars.
This comes amid difficulties in stabilizing the rate at 6.98 due to these measures, with the dollar recorded at 6.94 dinars in Benghazi.
The Central Bank of Libya revealed exclusively to our source that approximately $1.5 billion was sold to banks yesterday, and approvals were granted for new credits worth $1 billion.
The Bank clarified that work is ongoing today, Thursday, to continue currency sales and to accelerate the approval process.
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.
