{"id":255213,"date":"2025-10-12T20:17:00","date_gmt":"2025-10-12T18:17:00","guid":{"rendered":"https:\/\/sada.ly\/en\/?p=255213"},"modified":"2025-10-12T20:17:00","modified_gmt":"2025-10-12T18:17:00","slug":"exclusive-with-figures-and-analysis-al-shahoumi-reveals-the-reasons-behind-the-worsening-of-check-speculation-and-the-absence-of-electronic-alternatives","status":"publish","type":"post","link":"https:\/\/sada.ly\/en\/exclusive-with-figures-and-analysis-al-shahoumi-reveals-the-reasons-behind-the-worsening-of-check-speculation-and-the-absence-of-electronic-alternatives\/","title":{"rendered":"Exclusive: With Figures and Analysis: Al-Shahoumi Reveals the Reasons Behind the Worsening of Check Speculation and the Absence of Electronic Alternatives"},"content":{"rendered":"\n

In an exclusive statement to our source, economic expert Dr. Suleiman Al-Shahoumi<\/strong> said that the current situation, which has deepened check speculation, must be studied carefully. He explained that withdrawing cash from circulation without providing effective electronic alternatives<\/strong> has inevitably widened the gap between cash and checks.<\/p>\n\n\n\n

He continued: \u201cThe Central Bank of Libya must urgently replace old currency with newly printed notes in sufficient quantities, instead of leaving the market to suffer from a severe liquidity shortage for a long time, which further undermines confidence. Withdrawing more than 20 billion dinars from circulation requires broad cash injections into the market, along with gradually setting appropriate withdrawal limits to avoid speculation.\u201d<\/em><\/p>\n\n\n\n

Al-Shahoumi added that the Central Bank\u2019s current measures demonstrate its inability to manage cash efficiently<\/strong>, further eroding trust in the banking system \u2014 even though the situation presented a valuable opportunity for the Central Bank to rebuild lost confidence if handled properly.<\/p>\n\n\n\n

Gradual, Not Forced, Digital Transition<\/h1>\n\n\n\n

He stressed that electronic payment cannot be imposed by force<\/strong> without a strong infrastructure \u2014 such as adequate points of sale, reliable internet coverage, and a supportive social culture. Instead, incentives<\/strong> should be introduced to encourage the use of banking services: lowering transfer fees, supporting wholesalers to adopt electronic sales outlets with real-time monitoring, and eliminating fees on electronic payments (POS). A serious government project<\/strong> is needed to promote digital payments and create an enabling environment for them.<\/p>\n\n\n\n

Restoring Trust<\/h1>\n\n\n\n

Al-Shahoumi said the \u201ccheck burning\u201d crisis reflects a deep lack of trust in the banking system.<\/strong>
He emphasized the need for transparency<\/strong> in the Central Bank\u2019s data and clear explanations of monetary policies, as well as the inclusion of the public and banking experts in major decisions.<\/p>\n\n\n\n

Strict but Smart Oversight<\/h1>\n\n\n\n

He added that automated monitoring<\/strong> of transfer and check accounts is necessary but should not restrict legitimate individual transactions. He pointed to examples from Lebanon<\/strong>, where excessive oversight amid low trust worsened the black market instead of curbing it.<\/p>\n\n\n\n

Al-Shahoumi further noted that imposing a 2% fee on cash withdrawals during a liquidity crisis<\/strong> could be perceived as a punishment for citizens<\/strong> rather than a regulatory tool. In the absence of alternatives, many people would turn to the parallel market<\/strong>, fueling further speculation.<\/p>\n\n\n\n

He cited Sudan\u2019s experience<\/strong>, where imposing withdrawal fees worsened the liquidity crisis and increased dependence on cash outside the banking system.<\/p>\n\n\n\n

Account Monitoring<\/h1>\n\n\n\n

He said that, in principle, monitoring account activity is a useful tool<\/strong>, but its effectiveness depends on robust banking technology<\/strong> (still weak in Libya), a clear legal framework<\/strong> for prosecuting speculators, and close cooperation with the private banking sector.<\/strong><\/p>\n\n\n\n

Restricting payments for services to checks in the service requester\u2019s name<\/strong> could help regulate the market, but it requires social acceptance and public awareness campaigns.<\/strong> If implemented rigidly, it could instead become a pretext for refusing payments in government offices.<\/strong><\/p>\n\n\n\n

Conclusion<\/h1>\n\n\n\n

Al-Shahoumi concluded by stressing that weak electronic payment systems and inadequate infrastructure remain the biggest obstacles<\/strong> to any genuine monetary reform. Combating \u201ccheck burning\u201d<\/strong> cannot rely solely on administrative measures \u2014 it requires a comprehensive economic vision<\/strong> that includes:<\/p>\n\n\n\n

    \n
  • restoring citizens\u2019 confidence in banks,<\/li>\n\n\n\n
  • ensuring the availability of cash when needed, and<\/li>\n\n\n\n
  • implementing a national policy supporting electronic payment of government services.<\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    In an exclusive statement to our source, economic expert Dr. Suleiman Al-Shahoumi said that the current situation, which has deepened check speculation, must be studied carefully. He explained that withdrawing cash from circulation without providing effective electronic alternatives has inevitably widened the gap between cash and checks. He continued: \u201cThe Central Bank of Libya must […]<\/p>\n","protected":false},"author":13,"featured_media":255214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[878,613],"class_list":["post-255213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-electronic-payment","tag-libya"],"acf":[],"_links":{"self":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/255213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/comments?post=255213"}],"version-history":[{"count":2,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/255213\/revisions"}],"predecessor-version":[{"id":255216,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/255213\/revisions\/255216"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/media\/255214"}],"wp:attachment":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/media?parent=255213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/categories?post=255213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/tags?post=255213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}