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Williams announces the launch of the international financial review of the two branches of the central bank of Libya

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Acting Special Representative of the Secretary-General and Head of the United Nations Support Mission in Libya (UNSMIL) Stephanie Williams announced the finalization of the process to initiate an international audit of the two branches of the Central Bank of Libya.  

UNSMIL expressed its thanks to President of the Presidency Council and GNA Prime Minister Sarraj, Governors Al-Kabir and Al-Hibri, Acting Attorney General Sadik Al-Sour and National Audit Bureau Chairman Khaled Shakshak. 

UNSMIL said it will coordinate closely with the National Audit Bureau authorities in western and eastern Libya through the course of the international audit. 

UNSMIL took this opportunity, based upon the terms recently put forward by UNSMIL and a number of key member states, to urge for the immediate lifting of the blockade imposed by the Libyan Arab Armed Forces on Libya’s oil facilities. 

NOC reports revenues for June 2020

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The National Oil Corporation (NOC) reported crude oil, gas (propane and butane) and condensates export revenues of US$45,552,578.87 million for June, the lowest recorded this year. No revenues were earned from oil products sales for the sixth month in a row.

Falling production led to this large drop in revenues as refineries, oilfields and ports were shut down as a result of the illegal blockade. The revenues of gas (propane and butane) and condensates sales also suffered a sharp decline in June. Average monthly revenue fell to US$ 8,997,305.35 million, the lowest this year.

“The Libyan state continues to suffer heavy losses in its daily oil and gas production for the sixth month in a row,” said NOC Chairman Mustafa Sanalla.

Sanalla also urged all Libyan parties to do everything possible to restart oil production as soon as possible to avoid further damage.

Kamal Al-Hassi released in Libya

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The Minister of Finance and Planning of the Interim Government of Abdullah Al-Thini, Kamal Al-Hassi,  was released on Tuesday, a source at the Ministry of Finance told “Sada” economic newspaper.

It will reminded that Khalifa Haftar’s forces abducted Kamal Al-Hassi on Libya-Egypt border for unknown reasons.

Libya’s Central Bank to undergo much-anticipated audit

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 The United Nations announced on Monday that Libyan officials are allowing a long-sought external audit of the country’s Central Bank to go ahead, a breakthrough that could pave the way for an end to a crippling oil blockade.

The audit approval follows months of international pressure. Earlier in July, the U.S. Embassy in Libya denounced “the illegal obstruction of the long-overdue audit,” and threatened sanctions against “those who undermine Libya’s economy.”

The U.N. Mission in Libya welcomed the international financial review as a “critical step” toward improving transparency and accountability in Libya’s financial system.

U.S. Chargé d’Affaires Harris visits Misrata

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Chargé d’Affaires Joshua Harris visited Misrata, Libya on Monday to consult with Libyan leaders about forestalling military escalation in Sirte and al-Jufra; reopening Libya’s energy sector; and intensifying Libyan efforts to demobilize, disarm, and reintegrate violent militias.

In meetings with Deputy Prime Minister Ahmed Maiteeg and Minister of Interior Fathi Bashagha, Chargé Harris reiterated U.S. support for Libya’s sovereignty and territorial integrity, underscored that foreign forces and mercenaries should depart, and expressed the Embassy’s readiness to work with a comprehensive range of Libyan figures across the country who reject foreign interference. He also reiterated U.S. respect for the contributions of Misratan forces to the fight against terrorism.

Mohamed Raied: “Libya encourages corruption”

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In a televised interview for Libyan WTV channel yesterday, the Chairman of the Economic Committee of the House of Representatives (HoR), Mohamed Raied stressed that corruption has increased quite significantly, although they do not doubt the efforts undertaken by the Customs Authority.

“There must be an exemplary punishment for anyone who issues fake bills. Unfortunately, for more than 20 years, we have been allowing the supply of goods without a referring to a bank,” said Raied, stressing that Libya encourages corruption. Moreover, he considered the Customs as a place where corruption exist.

Janzour Municipality calls on residents not to travel during Eid holiday

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The Crisis Committee against Coronavirus in Janzour Municipality has called on all residents not to travel outside of their area for the purpose of spending the Eid holiday outside of the municipality, however, this excludes families with ‘special circumstances’.

The Municipality of Janzour stated that those who violate this request will bear legal responsibility, reminding all citizens of the necessity to cooperate and report any violations of these demands, whilst warning against ‘group gatherings’ at various social events.

Bank branches in Tripoli receive financial liquidity

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The Tripoli-based Cantral Bank stated that its bank branches in Tripoli have received financial liquidity.

For instance, the branches of Jumhouria Bank received financial liquidity at a value of LD 60 million dinars, while LD 31 million have been allocated to the branches of the National Commercial Bank.

Another LD 21.500 million have been allocated to the branches of Sahara Bank.


WSJ: US threatens Haftar with sanctions over oil blockade

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According to Wall Street Journal (WSJ), US officials said Washington has threatened warlord Khalifa Haftar with sanctions over his refusal to reopen oil exports.

Meanwhile, US officials hope sanctions could force Haftar, who is a US citizen as well as Libyan and a former CIA asset who used to live in exile in Virginia.

According to US property records, Haftar owns a $185,000 ranch and a $364,000 condo in Virginia, making him vulnerable to US sanctions, WSJ said.

Dollar reaches a new high

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In a statement to “Sada” economic newspaper, a currency trader stressed that the dollar suddenly jumped Monday to LD 6.04, while the euro eached to LD 6.96.

It will be reminded that the dollar reached 5.96  yesterday, while the euro was up to 7.07  .