Skip to main content

Author: LS

Daddesh: “The dollar’s ascent is driven by demand that isn’t necessarily tied to a genuine requirement for goods, and the CBL needs to adopt a comprehensive startegy to tackle this issue”

Written by LS on . Posted in News. No Comments on Daddesh: “The dollar’s ascent is driven by demand that isn’t necessarily tied to a genuine requirement for goods, and the CBL needs to adopt a comprehensive startegy to tackle this issue”

The banking expert Fawzi Daddesh said in an exclusive statement to our source that the rise in the dollar in the parallel market is due to an unreal demand and not linked to an actual need for goods and services in society. He explained that it is linked indeed to other factors that contributed to this sudden change in price, especially these days.
According to the currency rates bulletin issued by the Central Bank’s Banking Operations Department, the difference from the official price was more than half a dinar.

Daddesh emphasized that these factors are represented by speculation, extreme poverty, psychological tension and anxiety that afflicts the monopolists of this market, unjustified disparity in the size of incomes between individuals in society, and fear. In addition, the existing political and economic turmoil has made the economic and social situation more complex in society.

Daddesh added that the Central Bank, the competent authorities, and the government must take the necessary procedures and measures to cover increasing production, the return of foreign investments, and diversifying sources of income. This would generate new sources of foreign exchange that would completely eliminate the parallel market.

Daddesh said that from his point of view, the parallel market is a fragile market that is easy to be eliminated and besieged. The Central Bank can put an end to the monopolists of the dollar commodity by a simple decision. There are some merchants with credits and remittances who have benefited from this service from banks to import companies abroad, especially from the UAE. They have clearly contributed to feeding the parallel market with foreign exchange. These companies quickly became involved in money laundering and money smuggling crimes. About 100 companies were recently frozen by the Central Bank. This contributed to the rise as a result of imposing more restrictions and supervision on them and their support for the parallel market of foreign exchange. This measure affected the volume of dollars in the market collected from these traders.

Daddesh concluded his speech by saying, “We hope that the Central Bank will impose more restrictions and continuous supervision on banks to avoid them falling into the dangers of money laundering and smuggling, and to hold them accountable and punish them.” Compliance and anti-money laundering managers in banks must exercise more due diligence with customers and monitor abnormal, large and complex banking operations that are not in line with the nature of the customer’s activity, analyse, evaluate and examine those that have been reported to the competent authorities to take the necessary measures in their regard.

Mrajaa Ghaith: The rise in dollar’s price can be attributed to the CBL’s policies and unclarified procedures for dealing with the sale of foreign exchange

Written by LS on . Posted in News. No Comments on Mrajaa Ghaith: The rise in dollar’s price can be attributed to the CBL’s policies and unclarified procedures for dealing with the sale of foreign exchange

The former member of the Board of Directors of the Central Bank of Libya, Mrajaa Ghaith, said in an exclusive statement to our source on Tuesday that the reasons for the rise in dollar prices are the policies opted by the Central Bank. It lacks the clarity in the procedures for dealing with the sale of foreign exchange. He said that it interferes in the work of commercial banks.

Ghaith explained his statement by saying: “I find no surprise regarding the pressure of currency traders on anyone. This is primarily attributed to the abundance of hard currency, which facilitates price hikes and enables them to capitalize on the disparities. This is all owing to the Central Bank’s lack of transparency in its policies and the absence of a governing board responsible for shaping monetary policies and establishing a fair exchange rate. These collective factors contribute to the speculative nature of hard currency, ultimately burdening the average citizen.”

Prime Minister Dbeibeh Oversees Advancements in Development Projects

Written by LS on . Posted in News. No Comments on Prime Minister Dbeibeh Oversees Advancements in Development Projects

On Sunday, Prime Minister Abdul Hamid Dbeibeh of the National Unity Government actively monitored the progress of several crucial development initiatives. He convened a meeting with key figures in charge of significant projects, including Mohamed Al-Mashai, Chairman of the Electricity Company’s Board of Directors, Rafiq Bolsin of the Water and Sanitation Company, and Mahmoud Ajaj, overseeing Housing and Utilities Projects. The gathering was also attended by representatives from the transportation project implementation agencies, Sami Al-Absh, and the development of administrative centers, Ibrahim Takita. Mohammed Ismail, the director of the Tripoli Public Services Company, was also present.

The primary focus of the meeting was to oversee the restart of work on the West Tripoli steam station installation project, which is being carried out by Hyundai. This project, with a production capacity of 1,400 megawatts, had been stalled since 2010. Additionally, the Water and Sanitation Company presented its plans for the upcoming winter season, highlighting the challenges that could impede its work.

During the meeting, the Transportation Projects Implementation Agency proposed a national program for sewage station rehabilitation, prioritizing it in the 2023 development plan. This program aims to establish priorities at the municipal level and emphasizes the importance of maintaining and enhancing sewage stations in Sebha and Ajdabiya, for which contractual and technical procedures have already been completed.

Prime Minister Dbeibeh stressed the necessity of joint efforts and close coordination between executive agencies and electricity, water, and sanitation companies to ensure project progress and on-time completion.

Al-Mashai explained that the implementing company had returned to the project, financial terms had been settled, and the scope of work agreed upon. Some units have been partially delivered and integrated into the public network.

Ajaj confirmed the advancement of the Third Ring Road project after overcoming technical and financial obstacles. He added that, at this stage, efforts need to be synchronized with the electricity and water companies.

Al-Absh provided an update on the maintenance and development of the Tawergha-Ras Ajdir coastal road, discussing the challenges arising from the involvement of electricity, water, and sanitation companies. He emphasized the necessity of collaborative actions to address these issues and ensure project progression.

Takita reported that work on the stadium and the development of Tripoli Sports City had commenced. He anticipated that the stadium would be ready by January of next year.

Dbeibeh Discusses with the American Envoy Derna and Murzuq Reconstruction

Written by LS on . Posted in News. No Comments on Dbeibeh Discusses with the American Envoy Derna and Murzuq Reconstruction

Prime Minister Abdul Hamid Debeibeh met on Wednesday with the US Special Envoy to Libya, Ambassador Richard Norland, and the Deputy Head of the US Diplomatic Mission to Libya, Jeremy Berndt.

The meeting was devoted to discussing the mechanism for rebuilding Derna and the affected areas, ensuring the transparency and effectiveness of procedures according to an approved plan, discussing cooperation in the Murzuq reconstruction file, and starting to provide electricity and various basic services to ensure the return of its residents.

UN: Evidence of ‘Possible War Crimes’ in the Occupied Territories and Gaza

Written by LS on . Posted in News. No Comments on UN: Evidence of ‘Possible War Crimes’ in the Occupied Territories and Gaza

The United Nations International Independent Investigation Commission (UNIIIC) announced that there is “clear evidence” that “war crimes” may have been committed in the recent violence in the Occupied Territories and Gaza Strip.

UN High Commissioner’s Statement

The United Nations High Commissioner for Human Rights said in a statement on Tuesday that the independent investigation committee confirmed “there is clear evidence that war crimes may have been committed during the recent and ongoing violence in The Zionist entity and Gaza since October 7.”

The statement indicated that “anyone who violates international law and targets civilians must be held accountable for his crimes,” noting that “the committee collected and preserved evidence of war crimes committed during the Hamas attack on the occupation and their forces’ response with air strikes on Gaza.”

It added: “The committee is deeply concerned about the recent occupation attack on Gaza and its announcement of imposing a complete blockade on the Strip, including cutting off water, food, electricity, and fuel, which will undoubtedly lead to the loss of civilian lives and amount to collective punishment.”

The statement stressed “the committee’s determination to ensure legal accountability that includes individual criminal responsibility and the responsibility of those at the leadership level”, adding: “We are deeply saddened by the increase in violence.”

It concluded that “the only way to end violence and achieve sustainable peace is to end the illegal Zionist occupation of Palestinian territories, recognize the right of the Palestinian people to self-determination, and decisively address the root causes of the conflict.”

The Onset of “Al-Aqsa Flood” and “Iron Swords Operation”

At dawn on Saturday, October 7, Hamas and other Palestinian factions in Gaza launched the “Al-Aqsa Flood” military operation against the occupation, in response to their continuing attacks against the Palestinian people, their property and holy sites, especially Al-Aqsa Mosque in occupied East Jerusalem.

On the other hand, the Zionist occupation announced the launch of Operation “Iron Swords,” saying in a statement that its planes “began launching raids in several areas of the Gaza Strip against targets belonging to Hamas.”

Escalation of Zionist Attacks on Gaza

The Zionist occupation forces have been intensifying military attacks on Gaza, destroying entire residential neighborhoods on the heads of their residents, along with the destruction of streets and buildings, with a clear intention to target civilians and civilian notables in a form that amounts to acts of genocide.

The hundreds of raids have caused the death and injury of hundreds of civilians, and the injury of thousands, while large numbers are still under the ruins that the rescue crews could not extricate them.

Targeting of Health Institutions

Additionally, the information issued by the Palestinian Ministry of Health confirms that the Zionist occupation forces targeted 9 health institutions, including 7 government hospitals, and destroyed 15 ambulances, killed 6 of the medical staff and injured 16 others.

According to United Nations estimates, more than 200,000 people have been displaced inside Gaza, and more than 137,000 people are sheltering in more than 80 UNRWA schools throughout the Gaza Strip.

Latest Figures on Casualties

Furthermore, today, that the updated death toll announced by the Ministry of Health in Gaza, had risen to 1354 dead and 6049 injured, as a result of the continued Zionist raids on the Strip since Saturday.

Meanwhile, The Zionist Ministry of Health confirmed that the number of the death toll reached more than 1300, and the number of wounded reached 3192 , including 364 in serious condition.

Finance Minister’s Meeting with World Bank VP: Key Discussions

Written by LS on . Posted in News. No Comments on Finance Minister’s Meeting with World Bank VP: Key Discussions

Today, Tuesday, the Minister of Finance of the National Unity Government, Khaled Al-Mabrouk, accompanied by the Deputy Prime Minister and Minister of Health-designate, Ramadan Abu Jinnah, met with Farid Bel Haj, Vice President of the World Bank Group for the Middle East and North Africa, and the team of experts accompanying him.

The attendees discussed ways and mechanisms to enhance joint cooperation between the World Bank Group and various Libyan sectors and institutions, within the framework of what was included in the Qatari Partnership Memorandum with the State of Libya 2023-2025, which was recently approved by the Bank’s Board of Executive Directors.

During the meeting, ways of approving and implementing the World Bank’s initiative related to establishing a trust fund through which the bank would supervise the management of funds allocated by the government in Libya and international donors to reconstruct areas affected by floods in eastern Libya were also discussed during the meeting.

The attendees followed the latest developments related to the reimbursable advisory services agreement, which the bank is implementing for the benefit of the health sector in Libya.

The meeting also discussed ways to enhance the role played by a specialized team from the World Bank, with regard to the public finance reform program being implemented for the benefit of the Libyan Ministry of Finance in the Government of National Unity, in addition to a number of important topics related to other areas of cooperation.

US Treasury’s Support and Collaborative Efforts: Hurricane Daniel Reconstruction and CBL Unification

Written by LS on . Posted in News. No Comments on US Treasury’s Support and Collaborative Efforts: Hurricane Daniel Reconstruction and CBL Unification

The US Department of the Treasury has provided recommendations for how to govern spending on Hurricane Daniel reconstruction in collaboration with the World Bank. They’ve also briefed on the progress made in unifying the Central Bank of Libya (CBL), with the United States expressing support for this unification effort.

The US Treasury is backing the role of the Supreme Financial Committee to ensure transparency, disclosure, and equitable distribution of development funds. They’re actively involved in combating money laundering and terrorist financing.

Additionally, they discussed the program to review countries’ contribution quotas in the International Monetary Fund (IMF) and financial transaction controls for international non-profit organizations.

These topics were on the agenda during the meeting between H.E. Saddek Elkaber, Governor of the Central Bank of Libya, and his team, and Mr. Eric Meyer, Deputy Assistant Secretary of the Treasury for Africa and the Middle East in the USA.

This meeting took place today, Tuesday, October 10, 2023, in Marrakesh, Kingdom of Morocco.

CBL Governor is Discussing Unification, Currency Printing, and Digital Transformation in Morocco

Written by LS on . Posted in News. No Comments on CBL Governor is Discussing Unification, Currency Printing, and Digital Transformation in Morocco

In a meeting held on Tuesday, October 10, 2023, in Marrakesh, Kingdom of Morocco, H.E Mr. Saddek Elkaber, Governor of the Central Bank of Libya, and his team, discussed several crucial topics with Mr. Clive Cacher, CEO of De La Rue, and his team.

The primary focus of the discussion was the unification of the Central Bank of Libya. Additionally, they talked about implementing cutting-edge environmentally friendly currency printing technologies.

Another significant topic on the agenda was the global transition from traditional currencies to digital currencies.

Furthermore, the Central Bank of Libya’s strategy for digital transformation was a key point of conversation during the meeting.

Key Discussions at IMF Meeting: Hurricane Daniel Victims, Quota Review, and Libyan Central Bank’s Efforts

Written by LS on . Posted in News. No Comments on Key Discussions at IMF Meeting: Hurricane Daniel Victims, Quota Review, and Libyan Central Bank’s Efforts

Conveying the solidarity and condolences of the International Monetary Fund to the Libyan people on the victims of Hurricane Daniel, discussing the review of IMF member states quotas in the International Monetary Fund, and the efforts of the Central Bank of Libya to implement the recommendations of the IMF Article IV consultation report, were the key topics discussed by H.E Saddek Omar Elkaber Governor of the Central Bank of Libya and his team with Mr. Bahador Bijani, Executive Director in the IMF and his team during the meeting that was held today, Monday, 9th of October 2023, on the margins of the annual meetings of the World Bank and IMF in Marrakech, the Kingdom of Morocco.

Clashes and Communication Blackout Disrupt Benghazi

Written by LS on . Posted in News. No Comments on Clashes and Communication Blackout Disrupt Benghazi

In Benghazi, clashes have erupted amidst a complete communications blackout, according to reports from Reuters. The blackout, which has persisted since Friday, has been attributed to a damaged cable by local authorities. However, the United Nations Libya mission has suggested that it coincides with armed confrontations between the main military force and a smaller faction.

Benghazi is under the control of Khalifa Haftar’s Libyan National Army (LNA), a military coalition that holds sway over eastern Libya and has shown little tolerance for internal opposition.

The U.N. Libya mission expressed concern about both the clashes and the disruption of communication in a social media post on Monday.

Local Libyan media outlets have reported that the LNA is engaged in combat with an armed group associated with Mahdi al-Barghathi, who previously led a brigade fighting alongside Haftar’s forces before aligning with a Tripoli government that Haftar refused to recognize.

As of now, the LNA has not issued a statement, and Reuters has been unable to reach both the LNA and Benghazi residents for comments due to the ongoing communications blackout.

A leader of the Barghatha clan, which is part of the influential Awaqir tribe in eastern Libya, mentioned efforts to mediate reconciliation between Haftar and Barghathi. However, Sheikh Abdulsalam Abdulati al-Barghathi, the tribal leader, expressed concerns about Barghathi’s entry into Benghazi in a convoy, considering it a security breach.

According to Mohammed Bderi, a spokesperson for Libya’s state telecommunications company in Tripoli, the communications blackout resulted from damage to the fiber-optic cable. Repair work is expected to take some time.

Libya has experienced persistent unrest since the NATO-backed uprising in 2011, and it has been divided into warring eastern and western factions since 2014. Haftar’s attempt to seize Tripoli and overthrow the government in 2019 was thwarted in 2020.

Prime Minister Abdul Hamid Dbeibeh, based in Tripoli, commented on the situation on Monday, describing Benghazi as witnessing “exceptional events.” He mentioned armed confrontations occurring in civilian districts and the deliberate cutting off of communications.

Eastern factions have often contrasted what they perceive as security and stability in Benghazi and the eastern regions with the periodic outbreaks of conflict in Tripoli and the western parts of the country among rival armed groups.

Adapted from Reuters Libya newsroom