Today, Monday, the head of the National Unity Government, Abdulhamid Dbeibeh, discussed during his meeting with the French President’s special envoy to Libya, Paul Soler, the file of holding the elections in the nearest time frame, stressing the government’s keenness to make the upcoming elections a success, amidst a state of security stability, and in accordance with fair electoral laws. and honest.
The two parties touched on the file of government spending, according to its indicators during the first half of this year, as Dbeibeh noted the necessity of continuing the fair distribution of spending to all citizens, stressing that more than 80% of spending is directed directly and equally to all citizens from different regions. country.
For his part, Soler conveyed the greetings of French President Emmanuel Macron, stressing Paris’ support for the government’s efforts to make the electoral process a success and France’s keenness to continue communication with the government.
The Libyan Investment Authority participated with a delegation headed by the Chairman of the Authority, Ali Mahmoud, today, Sunday, in the Africa Energy Forum in the Kenyan capital, Nairobi, in the presence of a number of ministers of energy and electricity and heads of sovereign funds from various African countries. The conference was inaugurated by the Head of State of the Republic of Kenya.
The Libyan Investment Authority previously announced that it is among the investment initiatives in the field of renewable energies, especially solar energy, which
It will be implemented internally during 2023, as the participation focused on the involvement of a team, the oil and gas portfolio in the corporation, and in discussions centered on the previous experiences of the participating and pioneering countries in establishing renewable energy stations, and the possibility of transferring knowledge and experience from these countries to the Libyan market.
To be a pioneer in the field of investment initiatives related to the production and generation of renewable energies to meet and absorb the growth of energy demand in the Libyan market, and to contribute to the reduction of carbon emissions.
Ali Mahmoud stressed the importance of this participation, and the need for the LIA team to be involved in international forums and keep pace with growth and development, and to explore investment opportunities in the field of producing renewable energies because it is the promising investment that will be focused on in the Libyan market, which the LIA has set as an important strategic path. And an investment initiative that achieves financial returns and economic, social and environmental benefits.
It is noteworthy that the Authority had a prominent presence in the forum, as the director of the oil and gas portfolio, Ayman Al-Fakhal, represented the Libyan Investment Authority in a dialogue session that included representatives of other global sovereign wealth funds.
Today, Saturday, the spokesman for the port of Benghazi, Muftah Al-Shuhaibi, revealed, during a special statement to our source, the date of entry of the livestock transport ship (WM EXPRESS), the shipping agent, Libya Aman Shipping Agencies Company.
Al-Shuhaibi explained that the date will be next Monday, with 17,700 sheep coming from Spain on board the ship.
The head of the Audit Bureau, Khaled Shakshak, said during his hosting of Flusna program, which is broadcast on WTV and Tabadul TV, the Economic platform, with the presentation of the journalist, Ahmed Al-Sanussi, that his son was kidnapped and tortured for two days last August, and a security agency in Tripoli intervened to save him. A part of the accused were arrested, and still others are ahead of the chase.
Shakshak apologized for what he described as a “slip-up”, after his son’s name was included in the list of scholarships to study abroad, and he considered the matter as a mistake that is being fixed.
Shakshak confirmed saying that there is a case submitted to the Attorney General in Tripoli, adding how shocking and painful this incident was to his family. He also said that “I have the right to search for safety for my family and to provide education and study for my children, especially since my field of work cannot leave them due to fear for their safety. All expectations are possible, and at the same time, I cannot afford the expenses of education, as they are high and beyond my capabilities.”
Shakshak clarified that if his perspective were materialistic, he would not have settled for a mere $1,500, which is the scholarship grant for his son. He emphasized that given his position and job, he could have placed him in the largest investment companies or embassies with a higher salary, which could reach $20,000 for an employee working abroad.
Furthermore, Shakshak emphasized that due to his position, he respects himself and cannot stoop to such a level. He added, “I come from a family that was raised with ethics, and if this decision was a mistake, I take responsibility for it.”
The Head of the Audit Bureau also clarified that he proposed an alternative mechanism to address the financial difficulties faced by Libyan students studying abroad on scholarships. He suggested allocating $800 for housing and living expenses for these students. He pointed out that the Minister of Higher Education, Imran Al-Qaib, has already issued a decision in this regard, but it has not been implemented. He confirmed that considering this step could be positive in an attempt to assist Libyan students studying abroad who face financial difficulties and treat them differently from foreign scholarship students.
Khaled Shakshak added that it is important to effectively implement this decision to help these students overcome financial challenges and achieve their educational goals. Many of them are studying at prestigious institutions such as Al-Azhar University, Saudi Arabia (in Medina), Turkey, and other places.
Regarding the appointment of his family members in government positions, Khaled Shakshak stated that he has five family members who deserve appointments in the state but none of them have been appointed. At a time when he could have appointed them to a high-level Libyan institution abroad and they would have received high salaries of up to $20,000 due to his position as the head of the Audit Bureau. However, he justified this by stating that appointments in government positions should be based on competence and qualifications, not on family connections. He emphasized the importance of not exploiting authority for personal gain.
Furthermore, Shakshak confirmed that he demanded the cancellation of the decision made by the Minister of Health, Ramadan Abu Janah, to appoint his brother as a health attaché in London, despite being eligible for the position. He stated, “I believed that he can’t be there since I hold the position of the Head of the Libyan Audit Bureau.”
Central Bank of Libya published a report of the important financial data of the commercial banks, where it drew a summary of banks’ performance at the end of the first quarter of 2023, and showed a number of evolutions compared to the performance in the same period of 2022, the changes are as follows:
The total assets of commercial banks (excluding regular accounts) decreased by 1.5%, declining from 142.7 billion LYD at the end of the first quarter 2022 to about 140.6 billion LYD at the end of the first quarter 2023. The liquid assets (amounting to 92.1 billion LYD) formed about 65.7% of the total assets.
Commercial banks’ total deposits (demand deposits and certificates of deposit) with the Central Bank, including the mandatory reserve, decreased by 7.3%, dropping from about 81.6 billion LYD at the end of the first quarter 2022 to almost 75.7 billion LYD at the end of the first quarter 2023.
The total credit advanced by commercial banks increased by 9.5%, raising from 21.5 billion LYD at the end of the first quarter 2022 to reach 23.5 billion LYD at the end of the first quarter 2023, hence, the advanced loans and credit facilities accounted for 22.3% of total deposit liabilities, whereas they accounted for 16.7% of the total assets. The total loans advanced to the private sector at the end of 2022 amounted to 15.8 billion LYD, this formed 67.3% of the total loans and credit facilities advanced, while the total loans advanced to the public sector constituted the remaining 32.7%, which amounted to about 7.7 billion LYD.
It should be noted that, when reviewing the components of the banks’ credit portfolio, the advances extended to the private sector were the main reason behind the increase in the credit balance advanced by banks, as it increased by 1.2 billion LYD at the end of the first quarter of 2023 compared to the same in the year 2022, as this increase was concentrated in the item (Individual Murabaha).
The coverage ratio of the doubtful debts provision for the total loans and facilities advanced reached 16.3% in the first quarter 2023, compared to 17.2% the same period of 2022.
Customers’ deposits with commercial banks grew by 8.0%, rising from 97.5 billion LYD at the end of the first quarter of 2022, to reach 105.3 billion LYD at the end of the first quarter of 2023. Demand deposits represented 81.7% of the total deposits, while time deposits were 18.0% of total deposits, and savings deposits constituted the remaining portion, which was 0.3% of total deposits.
Regarding the distribution of these deposits, the private sector deposits amounted to 59.9 billion LYD at the end of the first quarter of 2023, which means 56.9% of the total deposits, while the public and government sector deposits constituted the remaining 43.1%, which was 45.3 billion LYD, of which 32.4 billion LYD deposited by public sector companies and institutions, and about 12.9 billion LYD was government deposits.
Commercial banks’ total equity increased by 5.0%, rising from 8.2 billion LYD at the end of the first quarter of 2022, to reach 8.7 billion LYD at the end of the first quarter of 2023. As a result of the increase in the paid-up capital of some banks, as well as in reserves.
During the first quarter of 2023, the commercial banks’ profit declined by 35.4% to reach 228.0 million LYD, compared to what they were during the same period of 2022, which recorded about 352.8 million LYD.
The combined banks’ total capital adequacy rate was almost 15.6% at the end of the first quarter of 2023, slightly lower than it was at the end of the year 2022, which was 15.7%.
The number of banks whose data are included in this report reached 20 banks (including the Libyan Foreign Bank’ Libyan dinar unit) at the end of the first quarter of 2023, and these banks operate through 610 branches and agencies.
Commercial Banks’ Branching:
At the end of first quarter 2023, the number of banks operating in Libya and whose data are included in this report were 20 banks (including the Libyan Dinar unit at the Libyan Foreign Bank), these banks operate through 610 banking branches and agencies.
Commercial Banks’ Density:
Banking density during the first quarter of 2023 reached about 12.0 thousand inhabitants per branch or agency, compared to about 12.1 thousand inhabitants per branch or agency in 2022.
Banking Concentration:
The degree of banking concentration means that a small number of commercial banks account for the largest proportion of banking activities, whether in terms of assets, deposits, credit, or in terms of the size of equities. Regarding the market share of commercial banks in Libya, at the end of the first quarter of 2023, out of the 20 banks; the assets of the five major banks (Al-Jumhuriya, National Commercial, Al-Wahda, Sahara, and Commerce and Development) were accounted for 71.5% of the total assets of the banking sector, and the Jumhouria Bank alone accounted for 28.5% of the total assets of the banking sector.
Additionally, at the end of the same period, the deposits and loans of the five major banks accounted for 71.9% and 83.5%, respectively, of the total deposits and loans of the banking sector.
Financial soundness indicators are considered a measure of the robustness of the financial sector and its institutional units in general and the banking sector. Such indicators are one of the important inputs in the analysis and evaluation of macro-prudential soundness, as this section deals with the analysis of financial soundness indicators for the banking sector during the period (2019 – the first quarter of 2023).
Capital Indicators:
Indicator
2019
2020
2021
2022
Q1 2023
Total Capital Adequacy Ratio %
18.4
19.2
16.6
15.7
15.6
Core Capital Adequacy Ratio %
17.2
17.9
15.3
14.3
14.2
Paid-up Capital / Total Assets %
3.8
3.6
3.5
3.5
3.8
Equity / Total Assets %
5.5
4.9
4.7
5.2
6.0
Equity / Total Deposit %
6.9
6.1
6.9
7.6
8.0
Capital adequacy:
The banking sector is still experiencing good capital adequacy, as its rate ranged between 15.6% and 19.2% during the period (2019- Q1 2023), which is generally higher than the percentage specified by the Central Bank and in line with the requirements of the Basel Committee (1), which is to 8.0%. Further, it is noted that the capital adequacy ratio for banks decreased slightly to 15.6% at the end of the first quarter of 2023, compared to 15.7% at the end of 2022.
It should be also noted that banks maintain a good quality of capital, as the first tranche (basic capital) constitutes more than 90.0% of the total capital base at the end of the first quarter of 2023. The basic capital adequacy ratio ranged between 14.2% and 17.9% during the period (2019- Q1 2023).
Capital to total assets:
The ratio of capital to total assets is one of the basic indicators of financial soundness, which measures financial leverage (i.e. the ratio of financing assets with resources other than its own resources), hence, according to the requirements of the Basel Committee, this ratio must not be less than 3.0%, and in general, banks recorded financial leverage ratios higher than the ratio referred to is in accordance with Basel requirements, as they recorded ratios of 5.5, 4.9, 4.7, 5.2, and 6.0, respectively, during the period (2019 – Q1 2023).
Assets quality:
structure of the items constituting the assets during the first quarter of 2023, indicates that the percentage of loans and facilities to total assets continued to decline, which constituted about 16.7%, while the percentage of investments amounted to only 1.3%, which indicates that the income-generating assets are very low and did not even reach 20.0% of the total assets base of the banking sector. On the other hand, cash in bank vaults and balances with the Central Bank accounted for about 56.3% of the total asset base of the banking sector, which reflects the weakness of banks’ use of their funds.
Non-performing loans to total loans:
The available data on non-performing debts, while it is still preliminary data, showed that the ratio of non-performing debts to total loans and credit facilities amounted to about 21.0% at the end of the first quarter of 2023. The increase in this ratio indicates a decrease in the efficiency of some banks, especially the major ones in credit management, as it should not exceed this ratio, the percentage according to international standards is 5.0%.
Debt provision coverage ratio to non-performing loans:
Regarding the ratio of debt provision coverage to non-performing loans, it recorded at the end of 2022 about 79.8%. During the previous years, coverage provisions recorded high rates of more than 80.0% at the level of the sector. As for analyzing these ratios according to banks, some important banks recorded low rates, and they must take precautionary measures by increasing provisions for bad debts to reach appropriate rates to face any expected losses.
Assets quality indicators
Indicator
2019
2020
2021
2022
Q1 2023
Non-performing Loans (*) / Total Assets %
3.2
2.8
3.0
3.2
3.5
Non-performing Loans (*) / Total Loans %
21.0
21.0
21.0
21.0
21.0
Provision for Debt / Total Non-Performing Loans (*) %
98.6
99.4
89.2
79.8
77.6
Provision for Debt / Total Loans %
20.9
20.9
18.7
16.8
16.3
(*) Estimated data.
3 – Profitability Indicators:
Profitability Indicators
Indicator
2019
2020
2021
2022
Q1 2023
Return / Assets %
0.7
0.5
0.9
0.6
0.7
Return / Equity %
12.3
9.8
18.5
9.9
11.2
Return/Deposit %
0.8
0.6
1.3
0.8
0.9
Return to assets:
The return to total assets index is one of the important indicators of great analytical value to measure the efficiency of banks’ use of their assets, as the rate of return to total assets increased during the first quarter of 2023 to record 0.7%, compared to about 0.6% at the end of 2022.
Return on equity:
The rate of return on equity increased during the first quarter of 2023, to record about 11.2%, compared to 9.9% in 2022. This indicator is considered a measure of the efficiency of banks in using their capital.
4 – Liquidity indicators:
Liquidity indicators are among the critical indicators that reflect the extent to which banks can meet expected and unexpected demands for cash, as well as the ability of banks to fulfil their obligations without exposure to insolvency in liquidity. The liquidity indicators in the Libyan banking sector are still witnessing high liquidity ratios due to the banks’ poor employment of their funds and the lack of expansion in granting loans and credit facilities as well as weak investment, in exchange for a more significant growth in deposit liabilities. The most important of these indicators are:
Liquidity indicators
Indicator
2019
2020
2021
2022
Q1 2023
Liquid Assets / Total Assets (%)
70.8
72.1
68.2
66.7
65.7
Liquid Assets / Short Term Liabilities (%)
83.7
86.4
91.2
86.2
94.7
Total Loans / Total Deposits (%)
19.0
16.6
21.3
22.5
22.3
Liquid assets to total assets:
The percentage of liquid assets with banks to total assets reached 65.7% at the end of the first quarter of 2023, most of which represent deposits with the Central Bank (on demand, including the mandatory reserve) compared to 66.7% at the end of 2022, in general, the liquid assets of banks still constitute percentages high total assets. It should be noted that the volume of loans and credit facilities to the total deposit liabilities in the banking sector recorded a rate of 22.3% at the end of the first quarter of 2023.
Liquid assets to short-term liabilities:
This indicator measures the liquidity disparity between assets and liabilities. It provides an indication of the ability of banks to fulfill requests to withdraw short-term funds, without falling into liquidity crises. This indicator recorded a rate of 94.7% at the end of the first quarter of 2023, compared to rates of 83.7%, 86.4%, 91.2% and 86.2% for the years 2019-2022 respectively.
Commercial Bank Performance Indicators
(2019 – Q1 2023)
Indicator
2019
2020
2021
2022
Q1 2023
Capital Indicators:
Total Capital Adequacy Ratio %
18.4
19.2
16.6
15.7
15.6
Core Capital Adequacy Ratio %
17.2
17.9
15.3
14.3
14.2
Paid-up Capital / Total Assets %
3.8
3.6
3.5
3.5
3.8
Equity / Total Assets %
5.5
4.9
4.7
5.2
6.0
Equity / Total Deposit %
6.9
6.1
6.9
7.6
8.0
Asset Quality Indicators:
Non-performing Loans (*)/ Total Assets %
3.2
2.8
3.0
3.2
3.5
Non-performing Loans (*) / Total Loans %
21.0
21.0
21.0
21.0
21.0
Provision for Debt / Total Non-Performing Loans (*) %
The consolidated budget of commercial banks showed a decline in its total items on both sides of assets and liabilities at the end of the first quarter of 2023. Where the total assets within the consolidated budget recorded about 140,539.4 million LYD, compared to 142,731.9 million LYD at the end of the first quarter of 2022, with a decline of 2,138.5 million LYD, at a rate of 1.5%. The following is a table summarizing the main items of the consolidated balance sheet of commercial banks:
The structure of the items constituting the assets in the consolidated balance sheet of the banks:
Banks’ deposits and balances with the Central Bank, including the required mandatory reserve, continued to be the main component of the banking sector’s assets, covering about 53.8% of the total assets at the end of the first quarter of 2023, while the share of the loans and credit facilities item in the asset structure increased to record about 16.7% of the total, compared to 15.0% at the end of the first quarter of 2022, which are still small percentages that reflect the lack of banks’ ability in utilizing the available money.
The structure of the items constituting the liabilities in the consolidated balance sheet of the banks:
The analyses of the structure of the items constituting liabilities in the consolidated financial position of banks at the end of the first quarter of 2023, show that third-party deposits with banks (customer deposits) represent the main source of financing, accounting for 74.9% of the total sources of bank funds, compared to about 68.3% at the end of the first quarter 2022. However, equities represent about 6.1% of the total sources of bank funds, compared to 5.8%.
Item
Q1 2022
Q1 2023
Liabilities:
1- Deposits of first parties with the bank
68.3 %
74.9 %
2- Borrowing from banks
0.0 %
0.0 %
3- Accounts overdrawn with correspondents’ banks
0.0 %
0.1 %
4- Equity
5.8 %
6.1 %
5- Provisions
5.8 %
6.7 %
6- Miscellaneous and other liabilities
20.1 %
12.2 %
Labilities’ structure
Analysis of the components of the consolidated budget of commercial banks
Firstly: Assets:
1- Cash:
A- Cash in vaults and clearing accounts:
cash in vaults and clearing accounts increased by 1,234.8 million LYD, or 13.2%, to reach 10,570.3 million LYD at the end of the first quarter of 2023, compared to 9,335.6 million LYD at the end of the first quarter of 2022, where the cash in banks’ vault increased by 688.2 million LYD, while the clearing accounts raised by 546.5 million of LYD at the end of the first quarter 2023, compared to what it was in the same period of 2022, and the following table shows these developments:
Items
Q12022
Q12023
Change in value
Change rate %
Cash in vaults:
2,818.3
3,506.5
688.2
24.4
Local currency
2,655.1
3,263.1
608.0
22.9
Foreign currency
163.2
243.5
80.3
49.2
Total clearing Accounts
6,517.3
7,063.8
546.5
8.4
Interbank clearing
2,311.8
3,284.9
973.0
42.1
Branch clearing
4,205.5
3,779.0
-426.5
-10.1
Total
9,335.6
10,570.3
1,234.8
13.2
B – Accounts and deposits with the Central Bank and other banks:
The commercial banks’ deposits with the Central Bank and other banks between them amounted to about 88,566.2 million LYD at the end of the first quarter of 2023, compared to 92,956.3 million LYD at the end of the first quarter of 2022, declining by about 4,390.1 million LYD. This was because of a decrease in the banks’ deposits and balances with the Central Bank by about 5,986.1 million LYD. This was a result of the decrease in the balance of certificates of deposit with the Central Bank by about 10,677.0 million LYD, which was higher than the increase in the balance of demand deposits with the Central Bank, which increased by about 4,690.9 million LYD. The following table shows the details of this item:
Items
Q1 2022
Q1 2023
Change in value
Change rate %
Demand Deposits:
77,159.5
82,281.1
5,121.6
6.6
Central bank
67,471.9
72,162.8
4,690.9
7.0
Commercial bank
837.5
629.5
-208.0
-24.8
Libyan foreign bank
1,660.3
1,151.7
-508.6
-30.6
Banks abroad
7,189.8
8,337.0
1,147.2
16.0
Time Deposits:
15,796.8
6,285.1
-9,511.7
-60.2
Central bank (certificates of deposit)
14,169.6
3,492.6
-10,677.0
-75.4
Local banks
0.0
0.0
0.0
–
Libyan foreign bank
0.0
478.1
478.1
–
Banks abroad
1,627.2
2,314.4
687.2
42.2
Total
92,956.3
88,566.2
-4,390.1
-4.7
Balances and Deposits with the Central Bank and other Banks
2- Investments:
The total item of the investments’ balance in commercial banks recorded 1,763.85 million LYD at the end of the first quarter of 2023, compared to 4,679.6 million LYD at the end of the same period of 2022, decreased by 2,916.2 million LYD. This reduction was a result of the maturity date of the Bank of Commerce and Development for the principal debt (3 billion LYD) invested in treasury bonds. The following table illustrates the details:
Items
Q1 2022
Q1 2023
Change in value
Change rate %
Public treasury and bills security
3,000.0
0.0
-3,000.0
-100.0
Investment in public companies
564.7
564.2
-0.5
-0.1
Investment in private shareholding companies
903.7
805.2
-98.5
-10.9
Other investment
211.2
394.1
182.9
86.6
Total
4,679.6
1,763.5
-2,916.2
-62.3
3- Loans and credit facilities:
The total balance of credit advanced by commercial banks increased from 21,471.0 million LYD at the end of the first quarter of 2022 to reach 23,519.6 million LYD at the end of the first quarter of 2023, with a growth rate of 9.5%. Further, the loans and credit facilities granted to the total deposit liabilities constituted 22.3% and constituted, 16.7% of the total assets. While the balance of loans advanced to the private sector at the end of the first quarter of 2023 amounted to 15,837.2 million LYD, which equals 67.3% of the total loans and credit facilities, while the balance of loans advanced to the public sector constituted the remaining 32.7%, which amounted to 7,682.4 million LYD. And by analyzing the components of the credit portfolio, the increase in the total credit balance advanced by commercial banks was due to the increase in the items of Murabaha financing to individuals (social advances) and other loans.
Secondly: Liabilities:
1- Customer deposits with commercial banks:
The total balance of customers’ deposits with commercial banks (Deposit Liabilities) increased by 7,651.8 million LYD, rising from 97,511.3 million LYD at the end of the first quarter of 2022 to reach 105,269.9 million LYD at the end of the first quarter of 2023, hence, recording a growth rate of 8.0%. As for the distribution of deposits with commercial banks by type of deposit, demand deposits and payment orders constituted 81.7% of the total deposits, while time deposits and cash insurance constituted 18.0% of the total deposits, and savings deposits constituted only 0.3% of the total deposits.
Item
Q1 2022
Q1 2023
Change in value
Change rate %
Demand deposits
74,105.0
81,756.8
7,651.8
10.3
Time deposits
2,004.0
2,118.7
114.7
5.7
Saving Deposits
354.3
303.2
-51.1
-14.4
Payments Orders
3,588.8
4,219.2
630.4
17.6
Cash Insurance
17,459.2
16,872.0
-587.2
-3.4
Total
97,511.3
105,269.9
7,758.5
8.0
Clint’s Deposits (Deposit Liabilities)
Demand deposits and payment orders: Demand deposits and payment orders raised at the end of the first quarter of 2023 by 8,282.3 million LYD, to record 85,976.0 million LYD, compared to 77,693.8 million LYD at the end of the first quarter of 2022.
Time deposits and cash insurances: The item of time deposits and cash insurances declined at the end of the first quarter of 2023 by 472.6 million LYD, to record 18,990.7 million LYD, compared to 19,463.3 million LYD at the end of the first quarter of 2022. It should be noted that the item of cash insurance is against letters of credit.
Saving deposits: The balance of saving deposits decreased at the end of the first quarter of 2023 by 51.1 million LYD, to record 303.2 million LYD, compared to 354.0 million LYD at the end of the first quarter of 2022.
With regard to the distribution of total customer deposits with commercial banks (private, government and public)
The private sector deposits increased by 7,051.3 million LYD at the end of the first quarter of 2023, to reach 45,342.7 million LYD, of which 12,858.7 million LYD are in government deposits, which consist of deposits of ministries, government agencies and institutions, and deposits of: the Social Security Fund, the Economic, Social Development Fund, and the deposits of the Libyan Fund for Development and Investment, compared to 38,291.4 million LYD in deposits for the public and government sectors at the end of the first quarter of 2022.
As for private sector deposits with banks, they also increased at the end of the first quarter of
2023 by 707.2 million LYD, or by 1.2%, to reach 59,927.1 million LYD, compared to about 59,219.9 million LYD at the end of the first quarter of 2022.
Item
Q1 2022
Q1 2023
Change in value
Change rate %
Government and public sector deposits
38,291.4
45,342.7
7,051.3
18.4
Government deposits
12,375.5
12,858.7
483.2
3.9
public sector deposits
25,916.0
32,484.1
6,568.1
25.3
Private sector deposits
59,219.9
59,927.1
707.2
1.2
Individuals
32,296.9
32,906.6
609.7
1.9
Companies and Institutions
26,923.0
27,020.5
97.4
0.4
Total
97,511.3
105,269.8
7,758.5
8.0
Distribution of Customer Deposits with Banks according to sectors (Private, Public and government)
2- Accounts overdrawn with correspondents abroad:
The balance of exposed accounts with the correspondents abroad was 119.8 million LYD at the end of the first quarter 2023, higher than it was at the end of the first quarter of 2022. These exposed accounts are only a result of the delay of some correspondent banks abroad in settling their accounts with local banks.
Item
Q1 2022
Q1 2023
Change in value
Change rate %
Overdrafts with correspondents’ banks abroad
61.0
119.8
58.8
96.3
3- Equity:
The balance of equity of commercial banks increased from 8,248.7 million LYD at the end of the first quarter of 2022, to reach 8,664.7 million LYD at the end of the first quarter of 2023, which was due to the increase in the paid-up capital of some banks, as well as the legal and unallocated reserves, while the profits of banks during the first quarter of 2023 decreased by 35.4% to reach 228.0 million LYD, compared to what they were during the same period in 2022, which amounted to about 352.8 million LYD.
Items
Q1 2022
Q1 2023
Change in value
Change rate%
Paid capital
5,166.7
5,397.9
231.2
4.5
Legal Reserve
806.5
988.7
182.2
22.6
Unallocated reserves
330.2
344.4
14.2
4.3
Period earnings
352.8
228.0
-124.8
-35.4
Retained earnings and distributable profits
1,592.5
1,705.7
113.2
7.1
Total
8,248.7
8,664.7
416.0
5.0
Capital Accounts
4- Provisions:
The balance of provisions recorded an increase by 1,237.6 million LYD at the end of the first quarter 2023 to reach 9,466.5 million LYD, compared to 8,228.9 million LYD at the end of the first quarter 2022. The increase was concentrated in the general provisions as shown in the following table:
The total uses of foreign exchange by banks from 1/1 – to 31/05/2023 amounted to about $8,736,159,886 compared to $7,062,872,826 during the same months of 2022, with an increase of about $1,673,287,060 million, and a growth rate of 23.7%.
The letters of credit accounted for 55.1% of total bank uses of foreign exchange, personal purposes accounted for 43.3% of total bank uses of foreign exchange, while transfers accounted for only 1.6% of total uses.
The actual banks’ uses of foreign exchange for all purposes
Expense
From 1/1 to 31/05 of 2022
From 1/1 to 31/05 of 2023
Change in value
Percentage change
Letters of Credit
4,087,762,136
4,814,914,898
727,152,762
17.8
Transfers
47,471,741
140,366,960
92,895,219
195.7
Personal uses
2,927,638,949
3,780,878,028
853,239,079
29.1
Total
7,062,872,826
8,736,159,886
1,673,287,060
23.7
Amounts sold to banks in foreign exchange for all purposes:
Within the framework of the Banking and Monetary Supervision Department’s follow-up to the accepted purchase requests for letter of credits and remittances, submitted by commercial banks through the system for following-up requests for coverage, and foreign exchange sales for personal purposes, in accordance with the decision of the Board of Directors of the Central Bank of Libya No. (1) of 2020 regarding amending the exchange rate of the Libyan dinar and Banking and Monetary Supervision Department Circular No. (9/2020).
The total amounts of foreign exchange sold to banks from 1/1 – to 31/05/2023, through the system for following up purchase and coverage requests, and foreign exchange sales for personal purposes at the Central Bank of Libya, amounted to about $8,736,159,886 compared to $7,062,872,826 during the same months of 2022, with an increase of about $1,673,287,060 million.
According to the table below, which illustrates the values sold of foreign exchange by banks, it is clear that National Commercial Bank was the most bank purchased foreign exchange from 1/1 – to 31/05/2023, maintaining its first rank among the banks with a market share of 14.6%, as the total amounts of foreign exchange purchased was about $1,273,402,000, followed by Al-Wahda Bank with a value of $1,024,599,749, then Aman Bank for Trade and Investment was in the third place with a value of $994,647,146. Jumhouria Bank was ranked fourth with a value of $990,946,549, then the following banks come in terms of relative importance in order: Al-Yaqeen Bank, Al-Nouran Bank, the United Bank, the Libyan Islamic Bank and the Sahara Bank. of the banks as shown in the table below, which also contains the order in which they were Banks during the same period last year 2022.
Second: Accepted bank requests to cover Letters of Credits and transfers, except for personal purposes, from 1/1 – to 31/05/2023:
The number of companies, factories, public entities, and other entities whose applications were approved to purchase foreign exchange from 1/1 – to 31/05/2023 has reached (1,386), with a number of applications amounting to 6,551 applications. Most of these applications were made in purpose to cover letters of credits, which were 5,793 applications, 88.4% of the total, as shown in the following table:
Banks’ requests to cover letters of credit and transfers – all sectors
(According to the beneficiary countries)
The table below shows the values of banks’ requests made by all sectors to purchase foreign exchange from1/1 – to 31/05/2023, the table iullstates the value in terms of beneficiary countries, it is clear that 39.2% of bank transfers to cover letters of credit or other transfers were to the United Arab Emirates, whereas Turkey was in second place with a rate of 7.9%, followed by Switzerland and China with rates of 6.1 % and 5.4%, respectively.
Banks’ requests to cover letters of credit and transfers – all sectors
(According to the beneficiary countries)
From 1 – 1 to 31/05/2023
Order
Beneficiary Country
Value in USD
Relative Importance %
1
United Arab Emirates
2,099,435,501
39.2
2
Turkey
422,692,356
7.9
3
Switzerland
327,075,400
6.1
4
China
290,137,619
5.4
5
Tunisia
278,513,647
5.2
6
Egypt
253,052,063
4.7
7
Italy
205,449,422
3.8
8
United Kingdom
195,568,951
3.7
9
Austria
169,562,137
3.2
10
South Korea
138,243,043
2.6
11
Spain
123,404,850
2.3
12
Sweden
115,552,262
2.2
13
Hong Kong S.A.R.
82,368,389
1.5
14
Netherlands
78,407,601
1.5
15
Germany
72,098,721
1.3
16
France
56,082,688
1.0
17
Thailand
55,844,369
1.0
18
Japan
50,080,597
0.9
19
Canada
35,558,953
0.7
20
Malta
24,517,256
0.5
Banks requests to cover letters of credit and transfers – all sectors
According to the countries of origin for the goods or services
The table below shows the values of banks’ requests madee by all sectros to purchase foreign exchange by goods or services origins from 1/1 – to 31/05/2023, It is clear that Turkey ranked first, as goods or services of Turkish origin accounted for 20.4% of the total accepted purchase requests. Imports of goods or services of Chinese origin came in second place, accounting for 12.9% of the total, and goods or services of Egyption origin accounted for 11.7% ranked third during the period, while goods and services of Russian origin accounted for 7.2%, and those of Indian origin accounted for 6.0%. The following table shows twenty countries of origin for goods or services.
Banks requests to cover letters of credit and transfers – all sectors
According to the countries of origin for the goods or servicesFrom 1 – 1 to 31/05/2023
Order
Country of origin of goods or services
Value in USD
Relative Importance %
1
Turkey
1,092,582,028
20.4
2
China
687,729,566
12.9
3
Egypt
627,531,208
11.7
4
Russian Federation
387,688,731
7.2
5
India
320,061,986
6.0
6
Tunisia
258,174,660
4.8
7
Germany
162,013,096
3.0
8
Brazil
159,132,800
3.0
9
Italy
157,919,473
3.0
10
United Arab Emirates
142,068,181
2.7
11
Ukraine
119,904,980
2.2
12
Sweden
117,578,581
2.2
13
South Korea
107,524,005
2.0
14
Spain
91,702,119
1.7
15
Argentina
80,527,409
1.5
16
Netherland
76,702,018
1.4
17
Thailand
63,178,961
1.2
18
Belgium
58,747,467
1.1
19
Ireland
58,742,868
1.1
20
Indonesia
52,317,049
1.0
Accepted bank requests to buy foreign exchange – According to sectors
From 1/1 – to 31/05/2023
Sector
Number of companies, factories, or entities
Private Sector
1,303
Public Sector
36
Banking Sector
3
Foreigners (Salary Transfers)
44
Total
1,386
Private sector:
Duing the period from 1/1 – to 31/05/2023, the number of private sector companies and factories were (1,303) whose requests foreign exchange to cover letter of credits and other transfers were approved. Banks’ requests to purchase foreign exchange by the private sector to import production and operation requirements ranked first among total purchase requests during the period, accounting for 14.9% of total foreign exchange purchase requests. While the requests to cover import of commodity production requirements ranked second with relative importance of 12.5%, whereas the requests to cover the accounted for miscellaneous food commodities accpunted for 11.5% and the import of feed 8.4% of the total. The following table shows the purchase requests for commodities or services during the reported period.
Purchase orders for the fifty most important goods or services – Private Sector
From 1/1 – to 31/05/2023
Order.
Goods or services
Value in USD
Relative Importance %
1
Production and Operation Supplies
720,551,802
14.9
2
Commodity Production Requirements
608,454,618
12.5
3
Miscellaneous Food Commodities
558,645,635
11.5
4
Feed
407,983,283
8.4
5
Building Materials & Construction Supplies
353,028,063
7.3
6
Electronic Equipment
349,595,441
7.2
7
Transportation, tires, supplies and spare parts
294,757,319
6.1
8
Live and frozen meat
213,439,720
4.4
9
Machinery and Equipment
209,599,132
4.3
10
Household and Household Electrical
207,970,603
4.3
11
Medicines
158,046,938
3.3
12
Milk
144,935,129
3.0
13
Milk, diapers and baby food
90,154,143
1.9
14
Furniture
88,449,387
1.8
15
Cheeses
70,403,267
1.5
16
Cleaning Materials
63,803,485
1.3
17
Agricultural
50,905,674
1.0
18
Tobacco of all kinds and accessories
47,529,420
1.0
19
Cleaning materials
29,357,888
0.6
20
Fruits and Vegetables
26,704,389
0.6
21
ICT Services
26,491,918
0.5
22
Clothing & Shoes
15,930,077
0.3
23
Foodstuffs
13,670,754
0.3
24
Various navigational services
13,428,107
0.3
25
Sanitary materials
11,792,044
0.2
26
Airlines Transfers
11,082,415
0.2
27
Special requests for Libyan Wings Company
9,796,695
0.2
28
Stationery
7,592,171
0.2
29
Oia Airlines expenses
7,358,915
0.2
30
Ghadames Airlines Company
5,398,131
0.1
30
Gold import transfer
4,693,592
0.1
32
Butter
4,681,205
0.1
33
Libyan Air Transport Company
4,060,875
0.1
34
Carpets and Textiles
3,409,663
0.1
35
Agricultural
3,100,526
0.1
36
Insurance Companies Transfers
2,907,434
0.1
37
Fish and Marines
2,888,231
0.1
38
Ghee
2,184,983
0.05
39
Veterinary Medicines
1,328,278
0.03
40
Sama Mediterranean Airlines Company
1,042,842
0.02
41
Production and Operation Services
1,016,936
0.02
42
Iron and steel plant operating requirements
669,240
0.01
43
United Insurance Company
339,974
0.01
44
Miscellaneous
177,856
0.004
45
Goods for public services
150,000
0.003
46
Libyan Airlines Requests
132,189
0.003
Purchase orders according to the fifty most important companies – Private Sector
From 1/1 – to 31/05/2023
Order.
Company or factory
Value in USD
1
Alsharaq Allebee Company for Mills, Feed and Rice Mills
69,387,458
2
Al Naseem Food Industries
69,086,571
3
Thel Ateen Company for the manufacture of dairy and its derivatives
67,452,000
4
Doroob Libya Company for Importing Transportation Vehicles and Accessories
61,117,673
5
Al Bonyan Company for Smelting and Rolling Metals
53,280,873
6
Toyota Libya Automotive and Spare Parts Trading and Import and Export
45,753,417
7
Al-Mawsim Company for Food Industries and Rice Mills
43,537,845
8
Aljuda Alalameyah Alola Company for Feed Industry, Flour Mills and Food Industries
42,939,182
9
Africa Beverage Bottling Company
37,896,912
10
Ibtahj Atabeeaa Company for Importing Foodstuffs
35,402,620
11
Sama Al-Riyaf Company for importing foodstuffs, vegetables, fresh fruits, livestock and meat
35,219,700
12
Alwesam Adahabee Company for the manufacture of flour, mills, feed and rice mills
31,650,290
13
Wadi Al-Kouf Company for Mills, Feed and Rice Mills
31,485,300
14
Alasalla Adahabyah Company for Mills and Rice Mills
31,318,015
15
Aljahez Company for Importing Foodstuffs
31,221,090
16
Al-Anhar Flour Manufacturing Company
30,707,000
17
Al-Jayed Food Industries Company
30,644,584
18
Haoth Shamal Afriqyah Company for the manufacture, desalination and bottling of drinking water
30,535,900
19
Basmati Food Industries
29,902,779
20
Alpha Company for Mills, Feed and Food Industries
29,847,068
21
Nabth Almotawaseet Company for Importing Livestock and Meat
29,799,838
22
Al-Rayhan Company for Food Industry
29,567,308
23
Alfateh Aljadeed Company for the manufacture of cleaning materials
27,903,305
24
Tareeq Alkara Company for Importing Foodstuffs
26,687,142
25
Tareeq Alkara Company for Importing Foodstuffs
25,946,804
26
Almasbobat Company for Building Materials Industry
25,734,555
27
Saluk Company for the manufacture of feed of all kinds and mills
24,652,500
28
Adwaa Al Nayzak Company for importing electronic devices, electrical and non-electrical devices and materials and accessories
23,963,353
29
Anaam Libya Company for Importing Feed and Supplements
22,950,000
30
Al-Jayed Food Industries Company
22,623,056
31
Al-Nayzak Al-Khatzak Company for importing electrical and non-electrical materials, their spare parts and electronic materials
22,431,060
32
Al-Itqan Almotaqadem Company for Flour Industry
21,950,600
33
Jood Alola Company for Importing Raw Materials
21,671,916
34
Afak Algad Aljadded Company for the import of electrical and non-electrical devices and materials and spare parts
21,630,600
35
Asawahel Adahabyah Company for Importing Foodstuffs
21,467,377
36
Lamsat Alhayah Company for importing medical equipment, medicines, medical preparations, mother and child supplies
21,366,945
37
Almaraee Alkesba company for mills, feed, and rice mills
21,058,593
38
Sheryan Alhayah Company for Importing Foodstuffs
20,982,090
39
Al-Khoms Company for the manufacture of electrical and household materials
20,829,970
40
Al-Mashareq Aljadeedah Company for Importing Foodstuffs, Meat and Frozen
20,061,296
41
Adwaa Afriqyah Company for the import of foodstuffs, livestock, and meat
19,773,678
42
Al Waha Adaolyah Company for Grain Milling and Feed Industry
19,762,102
43
Ishbiliyah Company for Feed and Flour Industry
19,603,336
44
Al Mamoura Alola Company for Importing Foodstuffs
19,218,104
45
Asahel Company for Importing Livestock and Meat
19,095,898
46
Altanmeya Azwraeyah Company for Egg Fertilization and Poultry Production
18,898,818
47
Al-Fadel Al-methalyah Company for importing raw materials
18,879,400
48
Awatanyah Tobacco Import Company
18,864,309
49
Al Maisam Company for Importing and Maintaining Cars
18,832,556
50
Al-Sawaed Company for Wood Industries
17,547,761
Public Sector
The number of public sector entities whose requests for foreign exchange to cover letters of credits and other transfers were approved reached 36 entities from 1/1 – to 31/05/2023. Where banks’ requests to purchase foreign exchange Almadar Aljadeed, ranked first from the total purchase requests during the reported period, accounting for 23.4% of the total foreign exchange purchase requests, while by Libyana Mobile Phone Company ranked the second with relative importance of 17.0%, whereas requests from General Authority of the Social Solidarity Fund accounted for 10.8%, and the requests to cover the import of Electronic Devices at a rate of 9.9%. The following table shows purchase requests made by the public sector.
Purchase orders by commodity or services – Public sector
From 1/1 – to 31/05/2023
Order.
Goods or services
Value in USD
Relative Importance %
1
Almadar Aljadeed Requirements
112,769,965
25.8
2
Libyana Mobile Phone Company Requirements
82,246,224
17.4
3
General Authority of the Social Security Fund
51,900,000
15.6
4
Electronic Devices
47,820,350
8.9
5
Production and operation requirements
46,886,378
5.2
6
Communications and IT Services
43,264,098
3.6
7
Feeds
8,425,000
2.8
8
General Electricity Company Supplies
8,039,172
2.7
9
Airline Transfers
7,696,853
2.4
10
Afriqiyah Airways
7,298,790
1.8
11
Social Security Fund
7,252,964
1.8
12
Libya Telecom and Technology Company
6,562,616
1.7
13
Iron and steel plant operating requirements
5,737,879
1.5
14
Medicines
5,629,344
1.4
15
Production and Operation Services
5,553,500
1.4
16
Insurance Company Transfers
5,318,197
1.3
17
Tunisair
4,420,000
0.9
18
Building Materials and Construction Supplies
4,128,980
0.8
19
Housing and Utilities Projects Authority
4,061,781
0.7
20
Libyan Airlines Requests
2,883,985
0.6
21
Machinery and Equipment
2,819,747
0.4
22
Port operation and maintenance requirements
2,594,186
0.4
23
Stationery
1,994,750
0.3
24
Operating needs of Muamalat
1,699,405
0.2
25
Social Welfare Fund
1,300,694
0.2
26
Transportation, tires, winding and spare parts
1,024,891
0.2
27
Household and Electrical
813,828
0.1
28
State Company for Importing Security Goods
578,825
0.1
29
National Cement Company
452,757
0.04
30
Libyan Ports Company
418,797
0.02
31
Clothing and Shoes
414,792
0.01
32
Libya Telephone Company Operating Requirements
231,973
0.05
33
Essential Commodity Production Requirements
124,969
0.03
34
Training Course Transfers
60,000
0.01
35
Port Operating Requirements
15,112
0.003
Purchase requests by entities – Public sector
From 1/1 – to 31/05/2023
Order.
Entity Name
Value in USD
1
Libyana Mobile Phone Company
150,248,702
2
Almadar Aljadded Company
119,577,391
3
General Authority of the Social Solidarity Fund
51,900,000
4
Administrative Centres Development Authority
28,534,290
5
Libya Telecom and Technology Company
26,353,811
6
Afriqiyah Airways
13,677,167
7
Libyan International Telecommunications Company
10,880,793
8
National Mills and Feed Company
8,425,000
9
General Electricity J.S.C
8,039,172
10
Social Security Fund
7,252,964
11
Misurata Free Zone
5,899,191
12
Libyan Iron and Steel Company
5,737,879
13
Libya Insurance Company
4,764,029
14
Tunisair Branch
4,420,000
15
Aljeel Aljadded Technology Company
4,367,465
16
Libyan Airlines
4,202,461
17
Housing and Utilities Projects Implementation Authority
4,061,781
18
Al Ahlia Cement J.S.C
3,057,470
19
Muamalat Financial Services Company
2,852,373
20
Hatef Libya Company
2,422,347
21
Authority for the Construction and Maintenance of Ports and Fishing Harbours
2,315,300
22
Arab Union Contracting Company
2,256,954
23
General Company for Paper and Printing
1,994,750
24
Alenma Electric Investment Company
1,414,435
25
Social Welfare Fund at the Ministry of Interior
1,300,694
26
Civil Status Department
1,013,636
27
General Company for General Cleaning Services Tripoli
979,372
28
Systems Company for Electrical Construction J.S.C
813,828
29
University Hospital Tripoli
740,896
30
Libyan Ports Company
712,795
31
State Company for Importing Security Goods J.S.C
578,825
32
Libyan Federation of Insurance Companies
554,168
33
Libyan Accreditation Centre
443,290
34
Libyan Ground Services Company
355,600
35
Libya Post Company
231,973
36
University of Benghazi
60,000
Banking Sector:
Accepted Coverage Requests – Banking Sector
From 1/1 – to 31/05/2023
Order.
Bank
Value in USD
1
United Bank for Commerce and Investment
3,193,939
2
Al Andalus Bank Company
1,192,401
3
Alaman Bank for Trade and Investment
918,468
“Descending order”
According to Goods and Services – Banking Sector
Order.
Goods or Services
Value in USD
1
Foreign Partner Receivables
3,193,939
2
Visa raw cards
532,519
3
Financial guarantee MasterCard
450,000
4
Purchase of system licenses
337,733
5
Paper Counting Machines
284,539
6
External transfer
200,000
7
400 POS devices
101,410
8
System Support Services
70,000
10
System support services
60,000
11
Foreign Transfer
24,944
12
SWIFT Fees
19,496
13
Programming
19,191
14
Review of the SWIFT system
5,788
15
Subscription fees (external transfer of Alandalus Bank)
4,944
16
Software Fee
244
17
Security products fee
61
“Descending order”
According to Country of Origin – Banking Sector
From 1/1 – to 31/05/2023
Order.
Country of origin
Value in USD
1
Bahrain
3,193,939
2
Spain
532,519
3
United States
450,000
4
United Arab Emirates
407,733
5
France
284,539
6
Canada
200,000
7
China
101,410
8
India
80,000
9
Belgium
38,992
10
United Kingdom
9,888
11
Lebanon
5,788
“Descending order”
According to Beneficiary Country – Banking Sector
Order.
Beneficiary Country
Value in USD
1
Bahrain
3,193,939
2
United States
650,000
3
Spain
532,519
4
United Arab Emirates
407,733
5
France
284,539
6
Morocco
101,410
7
India
80,000
8
Belgium
38,992
9
United Kingdom
9,888
10
Lebanon
5,788
“Descending order”
Foreigners (salary transfers):
Accepted Coverage Requests
Foreign Transfers – Salaries
From 1/1 – to 31/05/2023
Order.
Entity
Value in USD
1
Embassy of the Republic of Turkey – Visa Fees Costs
13,362,113
2
(41) Salary transfers for foreigners
694,955
3
Flight Transfer – Transfer of surplus sales to Tunisian services
522,903
4
Embassy of the State of Qatar – Visa Fees Costs
403
According to Beneficiary Country – Foreign Transfers (Salaries)
Data released by theBureau of Statistics and Census – Ministry of Planning indicate that the consumer price index increased by 6.6 points on an annual basis during April 2023 to record 295.0 points, compared to 288.4 points during the same month of 2022, which means that the inflation rate of reached (2.3%). Hence, on a monthly basis, the inflation rate increased by (0.2%) in April, compared with that of March 2023.
Inflation ratesDuring (April 2022 – April 2023)(Base year 2008)
On an annual base (%)
On amonthly base (%)
Months
5.5
0.3
April – 2022
5.2
-0.2
May – 2022
5.0
0.1
June – 2022
4.3
0.1
July – 2022
4.3
0.2
August – 2022
4.3
0.2
September – 2022
4.1
0.3
October – 2022
2.9
0.3
November – 2022
4.1
0.1
December – 2022
3.8
0.4
January – 2023
3.1
0.2
February – 2023
2.4
0.4
March – 2023
2.3
0.2
April – 2023
Analysis of Price Trends in Commodity Groups during April 2023
First: Analysis on an annual basis:
The inflation rate during April 2023 increased by 2.3% (on an annual basis) in all commodity groups, the most prominent of which were as follows:
The prices of other goods and services increased by 3.4%.
The prices of food groups increased by 3.3%.
The prices of the transportation group increased by 3.0%.
The prices of clothing and shoes group increased by 2.9%.
The prices of health group increased by 2.5%
The prices of housing, water, electricity, gas, and other fuels increased by 2.2%.
Consumer Price Index and Inflation(On annual basis)(Base year 2008)
No.
Main Groups
Weights
April 2022
April 2023
Inflation rate (On an annual basis)
1
Food
38.8
323.5
336.3
3.9%
2
Tobacco
0.7
264.1
265.5
0.5%
3
Clothing and Footwear
6.4
428.9
443.0
3.3%
4
Housing, Water, Electricity, Gas, and other Fuel
22.7
186.6
193.9
3.9%
5
Furniture and Household Equipment
4.9
361.6
369.8
2.3%
6
Health
4.1
345.0
354.4
2.7%
7
Transportation
8.1
207.1
213.2
2.9%
8
Communication
2.7
83.6
83.9
0.4%
9
Entertainment and Culture
2.8
206.5
209.8
1.6%
10
Education
4.0
380.1
381.2
0.3%
11
Restaurant and Hotels
1.7
345.3
348.9
1.0%
12
Miscellaneous Goods and Services
3.1
296.7
305.7
3.0%
General Index
100.0
284.6
293.5
3.10%
Second: Analysis on a monthly basis:
The inflation rate during April 2023 increased by 0.2% (on a monthly basis), which was due to the rise in some commodity groups, which were as follows:
The prices of other goods and services increased by 0.8%.
The prices of clothes and shoes increased by 0.3%.
The prices of the furniture and household equipment group increased by 0.3%.
The prices of food groups increased by 0.2%.
The prices of the transportation group increased by 0.1%
The prices of entertainment and education increased by 0.1%.
Consumer Price Index and Inflation(On a monthly basis)(Base year 2008)
On the sidelines of the soft in space conference held in Turkey, Tadawul Tech announced a set of services, the most important of which is the implementation of PCI DSS standards, which are among the highest international security standards in the world, and providing a variety of different products with the highest levels of security and confidentiality of information.
The company also affirmed its keenness to provide advanced local technical support to reduce the need for commercial banks to pay in hard currency to participate in the service, relying on an integrated local support team that guarantees the quality of various operations.
Tadawul Tec provided the first Islamic credit card in Libya that is accepted at more than 13,000 points of sale in all Libyan cities and villages. It also provides the highest international level for developing the user experience and offers a distinguished product with high added value that increases customer loyalty.
Through these services, the company aims to increase the use of electronic payment for commercial bank customers by at least 4 times in electronic payment transactions, which can guarantee higher returns with less risk compared to traditional lending products.
In a related context, Tadawul Technology announced that it is connected to RTGS to ensure the provision of point-of-sale services and acceptance of payments to banks, and that it is keen to maintain distinguished levels of deposit liabilities and balances and to increase the bank’s opportunities to offer merchant services such as commercial credits and loans.
The company also provides field support through POS services 24 hours a day to ensure stability and rapid distribution from the field team of Tadawul.
