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Author: LS

Central Bank Reveals National Commercial Bank as the Highest Recipient of Foreign Currency During 2023

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The Central Bank of Libya published a disclosure on Sunday, detailing the total amounts sold to commercial banks in foreign currency during the year 2023, amounting to approximately 21 billion dollars. The National Commercial Bank topped the list of commercial banks in total foreign currency sold, reaching a value of nearly 2.9 billion dollars.

According to the Central Bank statement, the total amount sold to the National Commercial Bank was 2.916 billion dinars, followed by Jumhouria Bank with 2.474 billion dinars, then Wahda Bank with a value of 2.393 billion dinars, and finally, Aman Bank with a value of 2.102 billion dinars.

As for the total documentary credits during the year 2022, it amounted to about 12.5 billion dollars. The majority went to Wahda Bank with a value of 2.016 billion dinars, followed by Nuran Bank with a value of 1.546 billion dinars. The National Commercial Bank came next with a value of 1.528 billion dinars, followed by Jumhouria Bank with a value of 1.408 billion dinars.

Central Bank: Salary Expenses Increase by 38%, Reaching Approximately 65 Billion Dinars

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The Central Bank of Libya stated in its report on revenues and spending for the year 2023, released on Sunday, that the budgetary item for salaries increased to approximately 65 billion dinars, representing a significant rise of about 38% compared to the year 2022.

The report clarified that the salary expenses during the past year 2023 amounted to 60 billion dinars, in addition to 4 billion dinars for the National Oil Corporation and 1 billion dinars for other entities. This marks a substantial increase from the previous year 2022, where salary expenses amounted to 47.1 billion dinars, and from the year before that, which recorded 33.1 billion dinars in salary expenses.

Central Bank: Total Government Spending in 2023 Reached 125.7 Billion Dinars

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The Central Bank of Libya revealed in its statement issued today, Sunday, regarding revenues and spending, that the total government spending during the year 2023 amounted to 125.7 billion dinars. Meanwhile, the state’s revenues during the same year reached 125.9 billion dinars, resulting in a surplus of 200 million dinars.

The Central Bank explained that the total state revenues during 2023 amounted to 125.9 billion dinars, of which 121.7 billion came from oil revenues, representing approximately 97% of the total revenues. In addition, there were other sovereign revenues totaling 4.2 billion dinars, including 2.4 billion from taxes, 333 million from customs, 506 million from the telecommunications sector, 180 million from the sale of fuel in the local market, and other revenues totaling 792 million dinars.

As for government spending in 2023, the Central Bank disclosed that the total spending reached 125.7 billion dinars. Of this amount, 60 billion dinars were allocated for salaries, 20 billion for subsidies, 9 billion for operational expenses, and 12 billion for development. Additionally, there was an exceptional budget for the National Oil Corporation amounting to 17.5 billion dinars and for the General Electricity Company with a value of 7.2 billion dinars.

Al-Kabeer Discusses with EU Ambassador Support for Institutional Unification and Business Environment Development

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During a meeting on Sunday, the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, discussed with the European Union Ambassador, Nicola Orlando, the support for the process of institutional unification and the development of the business environment through capacity building and technical assistance.

The meeting addressed the necessity of ensuring a transparent and coordinated effort to rebuild Derna and other communities affected by floods.

Ministry of Oil: Total Revenues Collected in 2023 from Duties and Taxes on ConocoPhillips and Total Energies Exceed 21.5 Billion Dinars

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The General Companies Accounting Administration of the Ministry of Oil and Gas in the National Unity Government revealed in its annual report that the oil revenues collected from concession and participation contracts with the American ConocoPhillips and the French Total Energies, including duties and taxes on the quantities of crude oil produced and exported during the year 2023, exceeded 21.523 billion dinars.

The ministry explained that the total revenues collected from duties and taxes in the first quarter of 2023 amounted to approximately 10.9 billion dinars. In the second quarter, the value of revenues collected reached 3.8 billion dinars. However, revenues declined to 3.2 billion dinars in the third quarter, concluding the year with revenues exceeding 3.6 billion dinars in the fourth quarter.

Adel Jumaa and Al-Toumi Discuss with the Mayors of Southern Municipalities the Protesters’ Closure of Sharara Oil Field and Addressing their Demands

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The Minister of Local Governance in the Government of National Unity, Badr Al-Din Al-Toumi, and the Minister of State for Prime Minister’s Affairs and Cabinet, Adel Jumaa, discussed with the mayors of Ubari, Sebha, Murzuq, Al-Qatrun, Wadi Utbah, and Bint Baya the closure of protesters to Sharara oil field and addressing their demands.

The Minister of Local Governance confirmed that coordination has been made with Brega Petroleum Marketing Co. to increase the quantities of fuel heading to the Sebha warehouse and meet the protesters’ demands to provide fuel and its derivatives, emphasizing the need to find solutions in this regard without compromising public interest.

Adel Jumaa affirmed that the government understands the difficult circumstances that lead citizens to protests, noting that the Government of National Unity is committed to resolving issues in a way that achieves justice and equality for all.

Brega Petroleum Marketing Co.: Fuel Availability in the South with Efforts to Boost Total Supply for Rising Demand

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Brega Petroleum Marketing Co. has confirmed that fuel is available in all southern regions. The company will work on increasing the total supply for the benefit of distribution companies and their affiliated stations to cover the increased demand for fuels.

The company explained in a statement that the storage capacities at Sebha oil depot are excellent due to the continued flow of supply operations from the Misrata oil depot. It emphasized that all orders for distribution companies are executed according to receipt notifications, with the monitoring of the Fuel Crisis Committee and relevant authorities in the southern region to ensure the arrival of fuel to the stations.

The company pointed out that it is working to increase the total supply for the benefit of distribution companies and their affiliated stations to cover the increased demand for fuels provided by Al-Buraqah with the onset of winter. This is done in coordination with the Fuel Crisis Committee, stating that shipments to the Sabha oil depot will be intensified to cover all southern regions, ensuring their arrival at stations and citizens at the official price.

The Central Bank Refuses Disbursement Except for a Single Approved Budget, Prioritizing Expenditure Prudence

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A confidential source disclosed to Tabadul TV on Tuesday that the Central Bank of Libya insists on limiting disbursements to a sole approved budget, emphasizing fiscal prudence in consumer spending. This approach takes into consideration the pitfalls of broadening public expenditure and avoiding persistent duplications in financial outlays.

This decision underscores the Central Bank’s commitment to sustaining the financial well-being of the nation and preserving the strength of the Libyan Dinar.

Al-Huwaij Follows up on the Economic Cooperation File and the Mechanism of Resuming the Work of German Companies

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On Thursday, the Minister of Economy and Trade in the Government of National Unity, Mohamed Al-Huwaij, held a meeting with the German Chargé d’Affaires, Sven Krauspe, to discuss the file of economic and trade cooperation between the two countries and the mechanism for resuming the work of German companies in the country.

Strategic Vision for Economic Diversification:

Al-Huwaij reviewed the ministry’s strategy for economic diversification and the involvement of non-oil sectors to increase the local output. This requires the creation of a genuine economic partnership with trading partners in Libya, especially with the European Union, notably the Federal Republic of Germany. He urged participation in implementing the development and reconstruction plan and establishing investment projects in renewable energy and water resources.

German Commitment to Cooperation and Investment:

On his part, Krauspe confirmed the desire of German economic institutions to enhance trade and investment cooperation with Libya. He noted that German companies are working to resume their operations in Libya and complete contracted projects. They also aim to involve the local private sector in implementing investment projects under the supervision of the Ministry of Economy and Trade and relevant authorities.

Initiating the Libyan-German Economic Forum 2024:

Minister of Economy Al-Huwaij directed the Foreign Trade and International Cooperation Department to coordinate with the commercial section of the German Embassy to organize the Libyan-German Economic Forum in 2024 in the capital, Tripoli. This includes holding bilateral meetings between investors from both countries, with the participation of the General Union of Chambers of Commerce, Industry, and Agriculture, and the Council of Business Owners.


The meeting was held in the presence of the Minister’s Advisor, Mrs. Shather Al-Sayd, the Director of the Foreign Trade Department, Issam Al-Malhouf, and the Head of the International Cooperation Department, Faraj Al-Bey.

Takala Confirms the Entry of the High Council of State into the Planned Dialogue Sessions Under the Supervision of the United Nations Without Restrictions or Preconditions

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During today’s meeting on Wednesday, the President of the High Council of State, Mohamed Takala, discussed the latest political developments and the proposal of the UN envoy, Abdoulaye Bathily, with the US envoy to Libya, Richard Norland. Takala confirmed that the Council is prepared to participate in the planned dialogue sessions under the supervision of the United Nations without any restrictions or preconditions.

The US envoy clarified that his country supports the United Nations’ efforts aimed at achieving stability and prosperity in Libya, emphasizing the significance of this for the security and stability of the region.