The Tripoli based Central Bank of Libya (CBL) announced in its latest statistical bulletin that the stoppage of oil production and export during the first six months of 2020 has led to direct losses of around 7 Billion US Dollars.

Accordig to its statement, the CBL pointed out that the total oil revenues received by the CBL during the period has reached 5.036 billion dinars, of which 2.871 billion dinars for oil exported during the month of December 2019, and 2.165 billion Dinars for oil exported during the first six months of 2020 of which only 63 million Dinars for the month of June.

The CBL stressed that the matchig between oil export and its revenues is carried on a monthly basis between the Central Bank of Libya, the National Oil Corporation and the Libyan Foreign Bank.

The total realized revenues from tax imposed on sales of foreign currency during this period has reached 11.6 billion Dinars, of which 1.050 billion Dinars has been allocated to finance chapter three “Development” expanditure of the Financial Arrangements during the first six months of 2020, the CBL has transferred 1.2 billion Dinars allocated to pay off public debt.

During the first six months of 2020, the CBL has transferred 1.2 billion Dinars to the National Oil Corporation Account in execution of the Presidential Council Resolution No. 1080 of 2019 regarding the allocation of an extraordinary budget for the National Oil corporation financed by the surplus of realized revenues on tax imposed on sales of foreign currency in 2018.

The CBL also said that 1.5 billion Dinars have been allocated to the Ministry of Health, which includes 481 million Dinars to combat the Coronavirus Pandemic and 496 million Dinars for the Medical Supply Organization, both of which have been executed. It also included 512 million Dinars for transactions under processing received from the Ministry of Health.