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Tag: central bank

Exclusive: Abu Al-Qasem to Sada: The Central Bank Will Be Forced to Devalue the Dinar Again if the Demand for Foreign Currency Increases and Oil Revenues Continue to Decline

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Dr. Abu Bakr Abu Al-Qasem, Head of the Libyan Academic Accounting Department, exclusively told our source that the Central Bank of Libya’s report from January 1 to February 28, 2025, revealed that foreign currency sources reached 3.6 billion USD, while foreign currency usage exceeded 6 billion USD, resulting in a deficit of 2.5 billion USD in less than two months.

He continued, saying that this high demand for foreign currency poses a future risk to the country’s situation if the demand continues at this rate. He raised the important and puzzling question of what is fueling this excessive demand for foreign currency.

He added, “Firstly, we believe that the excessive and inflated spending by both governments in the East and West, without a unified and approved budget, is one of the main factors fueling this excessive demand. We have warned for a long time about the dangers of continuing this uncontrolled approach and the need to agree on a unified, consensual budget.”

He further stated, “If this uncontrolled and inflated spending continues, it will further fuel the demand for foreign currency, especially with the decline in oil revenues being deposited into the Central Bank. This situation will leave the Central Bank unable to meet the demand for foreign currency in the coming period, and it may be forced to devalue the dinar again to address this demand. This would be disastrous for the national economy and daily consumer prices.”

Exclusive: Al-Wahsh Comments on the Central Bank of Libya’s Statement

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Economic expert Saber Al-Wahsh exclusively told our source about the Central Bank of Libya’s recent statement, describing the figures in the report on revenues and expenditures from January 1, 2025, to February 28, 2025, as concerning.

He added that total foreign currency revenues amounted to 3.6 billion USD, while expenditures were 6.1 billion USD, resulting in a deficit of 2.5 billion USD. Despite total public expenditures being 8.4 billion LYD (about 1.5 billion USD), he questioned, “Where do these funds, chasing dollars, come from?”

Al-Wahsh further explained that nearly 3 billion USD of foreign currency was requested for personal purposes, most of it likely being sought for profit through selling it on the parallel market.

He concluded, “Where do these funds come from to request such a huge amount of hard currency on the parallel market? We don’t want to create noise over this publication, but this situation is unsustainable. I believe the Central Bank is worried, but it’s concealing its concerns in hopes of an improvement.”

With February Salaries Excluded and a Surplus Exceeding 9 Billion… The Central Bank Discloses Revenues and Expenditures

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The Central Bank of Libya has released its report on revenues and expenditures from the beginning of 2025 until February 28, revealing total revenues of 18 billion LYD and expenditures of 8.4 billion LYD.

Revenues include 14.0 billion LYD from oil sales, 3.7 billion LYD from oil royalties, 41.1 million LYD from taxes, 12.5 million LYD from customs, 26.2 million LYD from telecommunications, and 245.8 million LYD from local fuel sales and other sources.

Expenditures include 5.9 billion LYD for salaries (for January only, as February salaries were not recorded), 35 million LYD for operating expenses, 0 LYD for development, 2.5 billion LYD for subsidies, and 0 LYD for emergency expenses.

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Exclusive: Central Bank Governor Instructs Raising Withdrawal Limits in Al-Asabi‘ah and Sending Cash Liquidity

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Our Central Bank of Libya (CBL) source confirmed that Governor Naji Issa has issued directives to commercial banks and their branches in Al-Asabi‘ah to increase cash availability and raise withdrawal limits. The move aligns with the CBL’s commitment to ensuring liquidity and providing necessary banking facilities to support citizens amid the difficult conditions in the city.

According to the source, Jumhouria Bank delivered a 2 million dinar cash shipment yesterday, and an additional 5 million dinars will be sent today, raising the withdrawal limit to 5,000 dinars per customer.

The source added that the Central Bank of Libya is closely monitoring the situation on the ground to provide financial support to citizens in the region, in accordance with its mandated duties and applicable regulations.

Exclusive: The Central Bank Issues Instructions to Banks to Prioritize Branches in the South

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Our source has obtained a correspondence from the Central Bank of Libya regarding its instructions to banks, emphasizing the need to pay special attention to their branches in the southern region.

The instructions also include expanding the issuance of electronic cards, doubling the number of point-of-sale (POS) terminals, and increasing the number of ATMs.

This comes as part of the Central Bank of Libya’s plan to enhance electronic payment systems across all bank branches operating in Libya. It also follows the inspection tour conducted by the Governor and members of the Central Bank’s Board of Directors in the city of Sabha to assess the efforts of commercial banks in the southern region and their compliance with the Central Bank’s expansion plan to ensure electronic services reach all citizens across Libya.

The instructions specifically call for a focus on improving bank branches in the southern region, particularly in expanding the issuance of electronic cards for customers, increasing the number of POS terminals, and distributing ATMs geographically in an efficient manner. Additionally, banks are required to ensure sufficient cash liquidity at all times, monitor ATMs technically and security-wise, and implement effective mechanisms to provide and regulate cash withdrawals daily. These measures aim to meet customers’ essential needs and ensure financial stability, ultimately easing the financial burden on citizens in these areas.

The Central Bank has urged banks to give this matter full attention and strictly adhere to its instructions. The bank branches in the southern region will be under continuous monitoring by the Central Bank to ensure their development aligns with its requirements.

Exclusive: The Central Bank Directs Banks Not to Deduct Any Amounts from the Wife and Children’s Grant

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Our source has obtained a communication from the Central Bank of Libya to commercial banks, requesting them to take the necessary measures to ensure that no amounts are deducted from the wife and children’s grant, in accordance with the communication from the grant management at the Ministry of Social Affairs.

This comes in response to complaints from several citizens regarding some banks in Libya deducting amounts from the wife, children, and daughters’ grant, which is considered a violation of the law.

Exclusive: The Central Bank Reveals the Arrival of the New Cash Liquidity Shipment at the Bank’s Headquarters

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The Central Bank of Libya exclusively revealed to our source that the new cash liquidity shipment has arrived at the bank’s headquarters.

This is to be placed in the issuance department’s safes in preparation for distribution according to the plan approved by the Governor.

Exclusive: Central Bank Confirms Sending an Additional 60 Million Dinars to Its Sebha Branch

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The Central Bank of Libya exclusively revealed to our source that it has dispatched an additional 60 million dinars to its Sebha branch to support the bank’s reserves and commercial bank branches in the southern region.

This move aligns with the CBL’s strategic plan and follows the directives of Governor Naji Mohammed Issa and Deputy Governor Marai Al-Barasi. The bank confirmed that it will continue sending cash shipments gradually until liquidity reaches all Libyan cities, as part of its planned efforts to ensure financial stability.

UN Report Reveals Oil Revenues Being Redirected Away from Central Bank

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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

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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

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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

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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

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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

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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

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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.