The Central Bank of Libya announced that the total public revenues of the Libyan state during the period from January 1 to April 30, 2024, amounted to 31.951 billion dinars.

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These revenues included sales, oil royalties, taxes, customs, telecommunications, in addition to the sale of fuel in the local market and many other items.

According to data released by the Central Bank of Libya on Tuesday, the total revenues of oil sales during the past four months amounted to 26.6 billion dinars, in addition to 4.6 billion dinars as revenues from oil royalties, and revenues from the sale of fuel in the local market amounted to about 30 million dinars.

Revenues from taxes amounted to about 65 million dinars, customs revenues amounted to 121 million dinars, in addition to 535 million dinars from other revenues.
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#Central_Bank_of_Libya #Customs_Revenues #Libya #Libya_Economy #Libya_News #Oil_Revenues #Taxes

The Central Bank of Libya is preparing to participate in the activities of the Paris Economic Forum, scheduled to be held on the third of next July.

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The Central Bank of Libya received an official invitation to attend the forum, which brings together a group of experts and specialists in the financial and economic field worldwide.

The invitation came after talks between the governor of the Central Bank of Libya, Sadiq al-Kabir, and France’s ambassador to Libya, Mustafa Maharaj.

The meeting dealt with ways of cooperation in vital areas such as combating money laundering, terrorist financing, financial compliance, risk management, and enhancing cybersecurity.

#Al_Sadiq_al_Kabir #Central_Bank_of_Libya #International_Monetary_Fund #Libya #Libya_News #Mustafa_Mihraj #Paris_Economic_Forum

Stephanie Khoury, deputy UN envoy to Libya, is struggling with time on the scene of the Libyan crisis, as her mission appears in drawing scenarios to reproduce the Libyan political scene.

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Written By #Mazen_Bilal

#Abdul_Hamid_Al_Dbeibeh #Al_Sadek_Al_Kabir #America #Central_Bank_of_Libya #Libya #Libyan_Crisis #Libyan_Elections #Stephanie_Khoury #Stephanie_Williams #United_States_of_America #Washington

The Central Bank of Libya has announced new measures to regulate the use of foreign exchange between companies and traders in Libya by introducing an “electronic card” system designed to finance imports.

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The maximum limit for financing through these cards is set at $500,000 per year for each card, with an emphasis on their use across points of sale for industrial, commercial and service purposes.

The directives of the Central Bank also stressed the need to have a valid CBLKEY code for all beneficiary parties, and to have an official license to practice commercial or industrial activity and register with the Ministry of Economy.
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#Central_Bank_of_Libya #Electronic_Card #Foreign_Currency #Libya #Libyan_Ministry_of_Economy #Naji_Issa

The issue of gold smuggling from Libya reveals a complex crisis that goes beyond mere dimensions of corruption, shedding light on a unique dynamic between the existing reality and the stalled political solution.

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Written By #Mazen_Bilal

#Abdul_Hamid_Dbeibeh #Abu_Al_Qasim_Al_Samadi #Al_Sadiq_Al_Kabir #Central_Bank_of_Libya #Fathi_Mukhlif #Gold #Libya #Libya_News #Mafias #Misrata #Misrata_International_Airport #Mohamed_Aoun #Turkey

On Sunday, the National Oil Corporation of Libya announced the transfer of $7 billion and 622 million to the Central Bank of Libya over the past five months.

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The Corporation revealed that these oil revenues were transferred through 11 transfers during the period from January to May, according to a list of transfers published by the Corporation on its Facebook page.

The institution transferred $1 billion on January 28, $500 million on February 11, $1 billion on February 20, $500 million on March 4, $500 million on March 14, $500 million on March 28, and $500 on March 31.

The institution also transferred $1 billion on April 24, $1.172 billion on May 15, then $750 million on May 29, and $200 million on May 30.

#Central_Bank_of_Libya #Libya_News #National_Oil_Corporation_of_Libya #Oil_News #Oil_Revenues #Remittances

The Central Bank of Libya announced a significant shortage of foreign exchange amounting to $5.6 billion, after comparing the amounts it received and the amounts it spent from January to May of this year.

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The bank stated that the funds that entered the bank in foreign currencies were $8.7 billion, while the funds that were left were $14.3 billion.

The bank directed commercial banks to deal with this shortage and to regulate how to obtain foreign currencies. One of these measures is issuing “electronic cards” that can be loaded with up to $500,000 per year. They are intended for purchasing goods and services for business purposes and cannot be used in the local market.

The bank also opened the door for companies to import a wide range of goods from abroad, such as food, medicine, building materials, and furniture, by financing 370 import deals in just one week.
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#Big_Friend #Central_Bank_of_Libya #Dollar #Libya #Libyan_Economy

The Central Bank of Libya froze suspicious bank accounts that were trading without balance, after obtaining documentary credits without sufficient financial coverage, according to responsible sources.

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The background to this step is due to suspicious banking operations, represented by the incident of checks under collection in the Benghazi branch of individuals and institutions, where the bank froze 10 accounts of legal entities and 141 bank accounts in Al-Wahda Bank.

Banking experts confirmed that these suspicious operations pose a danger to banks, as they result in actual losses for the bank, in addition to exposing them to financial fines in accordance with the provisions of the law.
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#Benghazi #Central_Bank_of_Libya #Freezing_accounts #Libya #Libya_News #Libyan_Economy #Wahda_Bank

An analysis of recent Central Bank data revealed that Libya’s crude oil production rose by 12% during the year 2023 to reach 433.5 million barrels, compared to 386.5 million barrels in the previous year.

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Regarding the distribution of Libya’s crude oil production among national companies operating in the country, the economic bulletin showed that “Al-Waha” Oil Company led the rest of the companies with a production of 102.2 million barrels during the past year, an increase of 9% and 8.5 million barrels over what it recorded in the year 2022.

The Arabian Gulf Oil Company “AGOCO” came in second place. The company produced 101.8 million barrels during the year 2023, after a slight decline of one million barrels, down from 102.8 million barrels recorded in the previous year.
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#Central_Bank_of_Libya #Libya #Libyan_Gas #Libyan_News #Libyan_Oil #Libyan_oil_wells #Sirte

A report by the French intelligence website “Africa Intelligence” revealed that the Central Bank of Libya is facing difficult times as a report on money laundering approaches.

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The report indicated that the level of corruption in Libya remains worrying, and that the authorities’ management of cash is still not transparent.

According to the report, the opinion of the Financial Action Task Force is crucial to the Central Bank of Libya.

Al-Siddiq Al-Kabir, the governor of the bank, is counting on Libya being allowed to join the FATF alongside countries such as Palestine, Syria, Yemen and Sudan. However, Libya is currently excluded from the FATF assessment due to the current political and security situation.

The report noted that Libya had hoped for seven years to change this situation and join the Mutual Evaluation Group.
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#Central_Bank_of_Libya #Corruption #International_Monetary_Fund #Libya_News #Money_Laundering #Palestine #Sudan #Syria #The_Great_Friend #Yemen

Libyan banking expert Muhammad Amer confirmed that the cash liquidity crisis in Libya will not be solved by pumping more paper currency into banks, but rather by changing the culture of cash withdrawal among citizens and moving to electronic media in daily transactions.

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Amer pointed out the need to develop financial laws and prevent cash dealing with companies as a step towards eliminating cash dealing.

He stressed that the Central Bank’s pumping of paper currency is not a sustainable solution, because the money ends up in the hands of merchants and brokers who use it to feed the black market.

The expert added, according to the “Libyan Al-Anbaa” newspaper, that the transfer of monthly salaries amounting to about 60 billion dinars puts pressure on the financial system, noting that the high value of salaries requires large cash flow.
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#Central_Bank_of_Libya #Libya #Libya_News #Libyan_Economy #Liquidity_Crisis

A report by the London-based “Al-Arab” newspaper confirmed that the public spending file in Libya has become a file controlled by the major active powers in the country, making it an American and European affair par excellence.

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The newspaper said: “The state budget in Libya has turned into an American-European affair. Washington is making several contacts with various parties to convince them of the necessity of resolving the budget crisis according to what was agreed upon two weeks ago in Tunisia.”

The newspaper explained that the outgoing National Unity Government, headed by Abdul Hamid Dbeibeh, insists on playing the role of the central authority that supervises budget management, which increases the complexity of the political and economic scene in the country.
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#Abdul_Hamid_al_Dbeibeh #Central_Bank_of_Libya #Europe #Interim_Government_of_National_Unity #Libya #Muammar_Gaddafi #Public_Expenditure_in_Libya #United_States_of_America #Washington

The conflict continues between the head of the outgoing “National Unity” government, Abdul Hamid Al- Dbeibeh, and the Governor of the Central Bank of Libya, Al-Siddiq Al-Kabir, which further complicates the economic situation in Libya.

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Al- Dbeibeh sent a letter to Al-Kabir, demanding that procedures be submitted to implement the ruling of the South Tripoli Court of Appeal to stop the decision to impose a tax on the foreign exchange rate.
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#Abdul_Hamid_al_Dbeibeh #Aguila_Saleh #Central_Bank_of_Libya #Interim_Government_of_National_Unity #Libya #Libyan_House_of_Representatives #The_Great_Friend #Tripoli

The Central Bank of Libya announced, on Thursday, that oil revenues during the first half of the current year, that is, from January 1 to June 30, 2024, recorded 37 billion dinars ($7.61 billion).

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Recent data published by the Central Bank showed that the total revenues from oil sales during the past six months amounted to 37 billion dinars, in addition to 7.1 billion dinars in oil royalty revenues, while revenues from the sale of fuel in the local market amounted to about 33 million dinars.

The Libyan economy depends mainly on oil revenues, which amounted to 99.1 billion Libyan dinars ($20.69 billion) last year, compared to 105.4 billion Libyan dinars in 2022, according to Central Bank data.
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#Central_Bank_of_Libya #Libya #Libya_News #Libyan_Oil #OPEC

Statistics from the Federation of Libyan Industries showed a discrepancy in numbers related to trade between Libya and Tunisia compared to what was reported by the Central Bank of Libya.

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Figures from the Federation of Libyan Industries showed that imports from Tunisia amounted to $855 million during the year 2023. In contrast, a report issued by the Central Bank of Libya recorded a lower figure of $606.5 million, reflecting a decrease of 14.5% compared to the previous year.

Statistics also indicated that about 3.4 million travelers moved between the two countries during the past year, most of them Libyans who go to Tunisia for tourism and treatment purposes, while Tunisians visit Libya for trade, as about 1.5 million cars and trucks crossed the border between the two countries.
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#Al_Economy #Al_NBC_International #Carnegie_Middle_East_Institute #Central_Bank_of_Libya #Libya #Libyan_Economy #Tunisia #Union_of_Libyan_Industries

A member of the Libyan House of Representatives, Abdel Moneim Al-Urfi, indicated that a number of representatives submitted a request to hold a session in Tripoli, but the Council announced two days later that the session would be held in Benghazi.

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In a statement to the “Safar” platform, Al-Urfi explained that the invitation to the session mentioned discussing a number of laws without clarifying them, which raised the objection of some representatives who decided to boycott the session.
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#Abdel_Moneim_Al_Urfi #Benghazi #Central_Bank_of_Libya #Libya #Libyan_Budget_Law #Libyan_House_of_Representatives #Richard_Norland #Stephanie_Khoury #Suhail_Al_Darsi #Tripoli

The Ministry of Foreign Affairs of the outgoing Government of National Unity denied the allegations circulating regarding fears of the bankruptcy of the state of Libya and accused the newspaper “Independent Arabia” of being biased in covering political events in the country.

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The Ministry indicated in an official statement that the external media team studied the report published by the newspaper on the economic situation in Libya, which dealt with the idea of ​​possible bankruptcy, and believed that the report contained professional fallacies and was devoid of any official statements and was based on undocumented analyzes indicating the possibility of bankruptcy.
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#Bankruptcy #Central_Bank_of_Libya #Dollar #International_Monetary_Fund #Libya #Libyan_Ministry_of_Foreign_Affairs

The former director of the Libyan Investment Authority, Mohsen Dreija, commented on the recent meeting between Counselor Aguila Saleh and the Governor of the Central Bank of Libya, Al-Siddiq Al-Kabir.

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In an interview with the “Libya Al-Hurra” channel, which broadcasts from Turkey, Derija confirmed that this meeting was not the first between the two parties, and that the discussions had been open for some time.

Dreija pointed out that replacing Deputy Governor Al-Hibri was part of previous agreements between them and said that this meeting came as a result of previous agreements, and that although Parliament did not agree to exclude governments from imposing fees, cooperation between the concerned parties has become greater than in the past.
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#Aguila_Saleh #Central_Bank_of_Libya #Governor_of_the_Bank_of_Libya #Libya #Libyan_Economy #Libyan_Investment_Corporation #The_Great_Friend