Abdul Hamid Dbeibeh, the head of the Government of National Unity, stated in an interview with CNBC Arabia that he expects the removal of fuel subsidies by the middle or end of the current year after convincing Libyans.
Dbeibeh affirmed that his government will provide compensation for direct fuel subsidies by increasing citizens’ income, which accounts for about 40% of the general budget.
The Prime Minister explained that subsidy removal requires realistic preparation for Libyans to understand the changes, with Libyan expatriate capital estimated at over $20 billion.
ABC Bank, led by the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, announced its financial results for the year 2023 on Monday, revealing a 53% increase in net profits for the year attributed to shareholders of the parent company, reaching $235 million USD on an annual basis.
The bank emphasized that the profits were supported by strong growth in core businesses and a stable funding base, along with rising interest rates and stable credit costs. Additionally, the bank’s general budget remained robust, with capital adequacy and liquidity levels staying strong, while total assets reached $44 billion USD, surpassing the forty-billion-dollar mark for the first time in history due to growth in loans, securities, and liquid assets.
In his statement, the Chairman of the Board of Directors of ABC Bank Group, Al-Sadiq Al-Kabeer, noted unprecedented revenue and asset growth, as well as a strong 53% annual increase in net profits.
Al-Kabeer added that opportunities can be seized amidst current challenges or during periods of economic improvement, indicating that the group’s general budget remains sound and robust, with capital adequacy and liquidity levels remaining strong.
He continued, “We continue to steadily execute our strategy and look forward in 2024 to building on the progress we made last year in our strategic journey to establish ‘The Leading International Bank in the Middle East and North Africa region.'”
Minister of Economy and Trade in the National Unity Government, Mohamed Al-Huwaij, emphasized the importance of supporting small projects and their adoption by business owners, encouraging them to promote local industry.
This came during Al-Huwaij’s speech at the opening of Azer exhibition to support small projects, organized by the Municipality of Tripoli Center and the Chamber of Commerce, Industry, and Agriculture of Tripoli, at the Corinthia Hotel with the participation of more than 30 projects in various fields.
Al-Huwaij praised the projects and new ideas presented by youth to obtain support, directing support towards family projects inside homes targeting housewives, and granting them licenses for production within homes to contribute to economic growth.
Azer exhibition aims to introduce the small projects sector and exchange ideas and experiences between project owners and entrepreneurs, and to find financing tools to support and develop the sector.
An economic expert stated in an exclusive statement to our source that the reason for the rise in the dollar exchange rate in the parallel market is the mismatch between supply and demand, explaining that supply has not met demand and there are delays at major banks.
Today, the parallel market witnessed an increase in the exchange rate of the dollar against the dinar, reaching 6.88 dollars per one dinar.
The National Oil Corporation (NOC) denied and condemned accusations directed at its subsidiary, Brega Company, regarding involvement in fuel smuggling operations. This statement was released on Friday.
In a statement today, the National Oil Corporation refuted allegations directed at its subsidiary, Brega Oil Marketing Company, accusing it of being involved in fuel smuggling operations. These allegations were cited in reports published by the American agency “Bloomberg”.
The corporation explained in its statement that on May 10, 2022, it filed a complaint with the Attorney General about tankers carrying out maritime shipments outside the framework of the corporation and Brega Company, which is responsible for fuel supply. Among these tankers was the “Queen Majda”, which was included in the corporation’s complaints, the latest of which was in October 2022.
The National Oil Corporation condemned the reports published by Bloomberg, alleging that Albanian authorities suspect the company owning the tanker of falsifying documents for the shipment bearing the Brega Company logo. The corporation confirmed that these documents are forged and denounced the instigation carried out by some “former Libyan officials”, according to the statement.
According to the statement, the corporation affirmed its provision of all assistance and support, working with the sanctions committee formed by the Security Council and fully cooperating with the Attorney General’s office in providing all information. It pointed out that it will not hesitate to take legal action to deter these allegations aimed at “inflaming public opinion and tarnishing the reputation of the corporation and its companies in the global oil market.”
The Minister of Economy and Trade in the Government of National Unity, Mohammed Al-Huwaij, emphasized the necessity of providing and regulating the prices of poultry and eggs in the local market.
During his meeting with owners of local companies specialized in poultry farming and egg production, the minister highlighted the importance of regulating the prices of poultry and eggs in the local market.
Company owners explained to the minister the production process and the difficulties faced in providing bird vaccines and obtaining clearance for imported shipments in coordination with the Ministry of the National Center for Animal Health and Customs.
Al-Huwaij emphasized to the relevant departments within the ministry to resolve the problems and difficulties facing poultry breeders, work on protecting national production, preserving the smooth operation of the production process, monitoring the distribution of goods in commercial markets, and regulating prices in cooperation with regulatory authorities.
During a meeting with the Acting Ambassador of Egypt, Mustafa Tamer, the Governor of the Central Bank of Libya, Seddiq Al-Kabeer discussed efforts to approve the 2024 budget and the Central Bank’s role in maintaining the country’s financial sustainability and rationalizing public spending.
The meeting also addressed support for the efforts of the National Oil Corporation to achieve its objectives in increasing oil and gas production, as well as the latest developments in the project to unify the central bank, and the role of Egyptian companies in rebuilding the city of Derna and its surrounding areas.
The Research and Statistics Department at the Central Bank of Libya revealed to our source the economic bulletin for the fourth quarter of 2023, stating that the local liquidity increased by 31.1 billion dinars, from 110.3 billion dinars at the end of 2022 to about 141.4 billion dinars. One of the reasons for the increase is the rise in demand deposits by 19.0 billion dinars, from 75.9 billion dinars at the end of 2022 to 94.8 billion.
The department explained in its bulletin that the amount of granted financing reached about 5.5 billion dinars during 2023, with most of these financings representing various Islamic financing formats for individuals.
The economic bulletin issued by the Research Department also indicated that private sector deposits at banks at the end of 2023 amounted to 71.9 billion dinars, constituting 57.1% of total deposits, while the remaining percentage, 42.9%, amounted to 54.1 billion dinars, including 42.4 billion dinars in deposits for public sector companies and institutions and about 11.7 billion dinars.
The bulletin also clarified that the revenues and expenditures of the public finances during the fourth quarter of 2023 amounted to about 125.9 billion dinars, while expenditures amounted to about 125.7 billion dinars divided into budget chapters, including salaries, operational expenses, development, support, in addition to financial arrangements for the National Oil Corporation and the General Electricity Company.
The Governor of the Central Bank of Libya discussed today, Monday, with the French Ambassador to Libya, Mustafa Mihraje, in the presence of the political advisor at the embassy, several topics.
The meeting addressed the role of the Central Bank of Libya in the reconstruction of Derna and the affected areas, and the possibility of leveraging the expertise of the World Bank, along with the latest developments regarding the unification of the central bank.
They also explored ways of cooperation with the French Central Bank in combating money laundering, financing terrorism, and other areas of mutual interest.
Our source from the Central Bank of Libya revealed the ongoing implementation of regulations for selling foreign currency for study and medical purposes. This aligns with the previous circulars “No. 6/2021” and “No. 17/2023,” allowing every Libyan citizen aged 18 and above to conduct a transfer of up to $15,000 for educational purposes and $20,000 for medical purposes.
The source further mentioned that the Central Bank has issued instructions for the operational banks in Libya to process requests submitted by industrial companies in the country for the supply of spare parts, up to 4% of the value of documentary credits.
