In his statement No. 19, Governor of the Central Bank of Libya, Seddiq Al-Kabeer, revealed that the statement issued by the bank’s management, which was appointed by the Presidential Council and, according to him, falsely claims authority, is a misleading statement aimed at deceiving public opinion.

Al-Kabeer pointed out that there are several inaccuracies in the statement issued by the management, including the concealment of existing obligations from the foreign currency usage schedule. The statement itself estimated these obligations in paragraph 11 to be worth $6.12 billion, despite the fact that they are ongoing commitments that the central bank must fulfill upon their due dates, highlighting the deliberate attempt to mislead and conceal facts.

The Central Bank Governor emphasized that public debt settlement “cannot be done with the stroke of a pen,” as it is the responsibility of both the executive and legislative authorities, following specific procedures. He added that what was stated in the management’s statement is nothing more than an attempt to deceive public opinion and could be a dangerous indicator, possibly aimed at concealing certain amounts.

Al-Kabeer also noted that it is unreasonable to publish statements about the Central Bank’s monthly profits before those profits are reviewed and approved by the Audit Bureau, let alone acting upon those profits.

He referred to the last statement he issued on July 31, 2024, asserting the utmost accuracy of all the information contained therein, and clarified that its validity can be confirmed by the Audit Bureau.

Al-Kabeer warned that the inaccuracies in the statement issued by the management appointed by the Presidential Council could damage the reputation of the bank, as they are a deliberate attempt to deceive public opinion and distort facts and figures. He held the management and all those behind it fully responsible for this deception and distortion.