Tag: central bank

Former Central Bank board member “Muraaj Ghaith” stated that claims by former governor “Seddiq Al-Kabeer” about a ban on supplying cash dollars to Libya are incorrect, emphasizing that no entity actually prevents this. He explained that while the United States may impose restrictions on dollar transactions, there is nothing preventing the purchase and physical supply of dollars, and this is certain.

Ghaith added that the United Nations, the International Monetary Fund, and the UN Security Council have no involvement in this matter, stressing that the narrative about banning dollar supply is entirely fabricated and has already been disproven. He suggested that there may be other unknown factors behind the issue.

He further noted that after proving these claims false and with the Central Bank proceeding to supply cash dollars, this step may somewhat help reduce practices such as fake purchases conducted through fraudulent point-of-sale systems in Libya, where no actual goods are imported. It may also reduce smuggling activities. He explained that, amid corruption, bank cards can be loaded with any amount and used abroad, whereas cash remains limited by physical carrying constraints.

However, Ghaith emphasized that he does not believe supplying cash dollars will solve the black market problem, as those operating in this illegal and unethical market will not be significantly affected. At most, it may create some pressure, but the activity will continue. He stressed that what is needed is monitoring how the dollars are used, not merely selling them.

He concluded by stating that it is illogical for personal allocation expenditures in 2025 to reach around $8 billion, as this would imply that all Libyans are studying, receiving medical treatment, or traveling abroad for tourism—something he described as unrealistic. He called for stopping the drain of foreign currency through measures such as personal allocations, which have effectively become an acquired right.

The Central Bank of Libya confirmed, in a statement to our source, that starting April 1 it will begin injecting $1.5 billion to settle all pending requests, including letters of credit and personal foreign currency allocations, in addition to covering banks’ needs.

The bank explained that it will also continue granting new approvals for letters of credit and personal allocations on a daily basis and at a faster pace, following technical improvements introduced to the system.

The Central Bank noted that this step comes as a result of improved oil revenues, which are expected to reach $3 billion during April. It also indicated that it is preparing regulations and procedures for selling cash dollars, which will be announced later, along with preparing the allocated amounts for sale to citizens.

The Central Bank of Libya revealed to our source that it is studying the preparation of a cash dollar batch worth $1 billion to be injected into the market in one go.

This step aims to achieve full control and permanently shut down the parallel (black) currency market.

The Central Bank of Libya, in a special statement to our source, confirmed that Governor Naji Issa and his team have succeeded in restoring confidence at both the local and international levels in the central bank and the Libyan banking sector.

The bank explained that these efforts resulted in convincing international parties to supply shipments of foreign cash (US dollars and euros) to Libya, noting that the first of these batches arrived today at Mitiga International Airport.

The bank added that shipments will continue consecutively in the coming period, as part of a plan aimed at ensuring a regular monthly flow of foreign currency, which would enhance financial stability and support meeting the needs of the local market.

In an exclusive statement to our source, the Central Bank of Libya said it will continue selling foreign currency allocations for personal purposes at an accelerated pace.

It also confirmed the ongoing approval process and coverage of requests for letters of credit and money transfers.

The Central Bank of Libya revealed exclusively to our source a notable improvement in oil revenues, disclosing that they reached $1.1 billion as of March 15, compared to $900 million for the entire month of February, with these revenues calculated against February sales.

The Central Bank confirmed that oil revenues are expected to reach $2 billion by the end of March including royalties, and $2.7 billion by the end of April. This, it stated, will strengthen the balance of payments position and the Central Bank’s capacity to inject more dollars into the market, contributing to a decline in the exchange rate on the parallel market.

The Central Bank of Libya revealed to our source: “We have begun activating our systems by disbursing personal-purpose foreign currency allocations to citizens at the official rate of 6.37 dinars to the dollar. Citizens who had previously made reservations through the electronic platform and selected exchange offices have been receiving loading and execution messages since this morning, in a step aimed at meeting citizens’ needs for travel, medical treatment, and study purposes.”

The Central Bank added: “We have so far executed sales to banks totaling $1.5 billion during the month of March, covering letters of credit, personal purposes, and remittances.”

The Central Bank of Libya told our source exclusively that the technical adjustments have been completed, and starting Monday, the Central Bank will begin granting approvals for letters of credit and the reservation and sale of personal allowance allocations without tax and at the official exchange rate announced by the Central Bank.

The Central Bank added that the new tax-exempt rate will also apply to all letters of credit that have already received approval but for which the currency sale to banks has not yet been completed, as well as personal allowance reservations that have not yet been executed.

Our source has obtained a circular issued by the Central Bank of Libya to Muamalat Company and electronic payment companies regarding the issuance of electronic wallets for foreigners legally residing in Libya.

According to the circular, the transfer limits for Libyans have been set as follows:

• 100,000 dinars for transfers between individuals
• 500,000 dinars for transfers from an individual to a company
• 2 million dinars for transfers from a company to another company

For foreigners, the limits are:

• 50,000 dinars for transfers from one individual to another
• 100,000 dinars for transfers from an individual to a company

The Central Bank told our source that this circular is very important for citizens, craftsmen, manual workers, small commercial activities, and entrepreneurs, in addition to foreign workers such as plumbers, builders, electricians, and others, noting that the previous transfer limits were only 150 dinars.

A report by the Research and Statistics Department at the Central Bank of Libya revealed details of the foreign currency usage by banks during the first two months of 2026, which reached a total of 5.5 billion dollars. Jumhouria Bank ranked first in granting foreign currency with a market share of 20.4%.

The report also explained the Central Bank’s coverage of foreign currency for private sector companies, disclosing the figures and names. Letters of credit were opened for the import of goods worth 171.7 million dollars, production inputs worth 47.8 million dollars, animal feed worth 44.5 million dollars, and essential goods supplies worth 23.2 million dollars.

The report further revealed the ranking of beneficiary countries from the approved coverage requests, according to the country benefiting from the foreign currency. Switzerland ranked first with 82.4 million dollars, followed by Turkey with 58.4 million dollars, while the United Arab Emirates ranked third with 53.7 million dollars, and Italy came fourth with 28.2 million dollars.

A statement from the Central Bank disclosed the expenditures of the Ministry of Local Government in the Government of National Unity from the beginning of January until the end of February 2026.

These expenditures amounted to more than 191 million Libyan dinars.

Data from the Central Bank of Libya showed a decrease in oil revenues during the first two months of 2026 compared to 2025. Oil revenues during January and February 2026 amounted to 13.9 billion dinars, while in 2025 they reached 17.7 billion dinars.

The Central Bank also indicated that the foreign currency deficit during just the first two months of 2026 reached 2 billion dollars, with a decline in the value of revenues transferred from the National Oil Corporation, amounting to 1.3 billion dollars in January 2026, and only 705 million dollars in February.

The Central Bank of Libya disclosed that a surplus of 100 million dinars was recorded in the salary expenditures category following the activation of the Salary Instant system.

According to the bank, salary spending during the past year, from January 2025 to February, reached 5.9 billion dinars, while the salary expenditures for the same period this year amounted to 5.8 billion dinars.

The bank also clarified that this surplus was identified after 50% of public sector salaries were integrated into the “Instant Salary” system.

The Central Bank of Libya confirmed in a statement to our source that it has decided to reduce the commission rate on the sale of foreign currency through exchange companies from 4% to 1.5%.

The new structure sets the commission at 1% for cash purchases and 0.5% for purchases made via transfers and electronic payments.

Exclusive sources told our source that banks are continuing to operate until late at night to ensure a smooth and faster process of loading personal-purpose cards.

Banks are currently sending Excel files to exchange companies for approval and processing the loading of personal-purpose cards.