The economist and banking expert, Mohamed Al-Shukri, who was elected at the end of 2017 by the House of Representatives as governor of the Central Bank of Libya, said that the Libyan Foreign Bank is facing an unprecedented situation by withholding the country’s oil revenues in the accounts of the National Oil Corporation for its owner, the Central Bank of Libya.
Al-Shukri expressed his surprise at the current situation by saying: « This is a government that cannot receive its country’s oil revenues. The Chairman of the Board of Directors of National Oil Corporation is holding these revenues with the Foreign Bank, which faces an unprecedented situation before the Central Bank and is its owner for retaining these revenues and in front of the corporation that holds the sovereign account. He must transfer his balance within 48 hours. »
He added that the revenues accumulate with the Libyan Foreign Bank, in fact, as deposits with its correspondents, exceeding the credit limits established for them, and thus their impact on the legitimacy of the interests received, wondering, do these benefits belong to the foreign bank, the Nationa Oil Corporation or the Central Bank ?
Al-Shukri pointed out that the position of the Central Bank, which is the demand for spending on the first chapter « salaries » and the second « management » item within the limits of 1/12, and everything else is considered a public debt that needs legislation to legalize it.