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Author: LS

CBL Governor: selling individual allowances to citizens has nothing to do with declaring a state of emergency

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In a statement to Sada Economic Newspaper, a well-informed source revealed that the Governor of the Central Bank of Libya, Al-Siddiq Al-Kabir, sent a letter to the President of the Supreme Judicial Council.

Al-Siddiq Al-Kabir said that, according to the law, declaring a state of emergency is assigned to a higher authority than the executive authority. In fact, this was not achieved in the Presidential Council’s resolution No. 209 of 2020.

Al-Kabir also considered that the reliance of the chairman of the Presidential Council, Fayez Al-Sarraj, on the use of the emergency law in demanding the Central Bank to restart selling dollar to citizens, was unjustified.

He also confirmed that the Central Bank of Libya has taken all the necessary measures and procedures in the face Coronavirus, adding that, according to his understanding, the emergency law was specifically passed in order to fight Coronavirus epidemic, and it should not be used for purposes other than that for which it was made, in order to preserve the basic principles of the state system, the rule of law and the separation of power.

It will be recalled that Libya’s Government of National Accord (GNA) Prime Minister Fayez al-Sarraj on Saturday called on the CBL Governor Al-Siddiq Al-Kabir to resume the sale of individual allowances to citizens, at the approved rate to the value of $5,000 per person annually.

Reunification of Brega Marketing Company’s board

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The National Oil Corporation’s (NOC) Brega Marketing Company announced the reunification of its board nationwide.

Members of the Management Committees of the Central and Eastern regions, Fraj Al-Jaidi and Abdul Rahman Al-Abidi, officially took up their functions on Sunday.

Last Thursday, Tripoli based National Oil Corporation resolved that Brega Marketing Company’s new board of directors should be formed as well as chaired by Ibrahim Braida, with the membership of Abdul Rahman Al-Abidi, Miftah Al-Asqa, Muhammad Abu Al-Hassan, and Fraj Al-Jaidi.

Libyan NCDC reports 47 negative samples

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The Libyan National Center for Disease Control (NCDC) said today that it received a total of 47 samples, and they all proved negative. 

Libya announced on Saturday four new COVID-19 recoveries, bringing the total number of recoveries in Libya to 22.

The number of confirmed COVID-19 cases in Libya so far is 63, including 22 recoveries and three deaths, according to the center.

Evacuation Flights to land in Misrata Airport instead of Tripoli’s Mitiga Airport

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The Ministry of Transportation said in a statement on Sunday that it has selected Misrata Airport for the incoming flights of stranded Libyans instead of Tripoli’s Mitiga Airport as its infrastructure has been damaged as a result of the repeated rocket attacks.

The Ministry clarified that the first phase of evacuation will be for Libyans stranded in Turkey and Tunisia and the rest of countries will follow afterward, reiterating that only those who finished the quarantine time and tested negative are eligible for this process.

NOC extends a state of emergency

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The National Oil Corporation (NOC) decided today to extend a state of emergency within its oil ports and fields until further notice.

In a statement, the corporation said that its subsidiaries should limit the number employees within headquarters, oil fields and offshore sites in order to prevent coronavirus infections.

Recently, it put further pressure on reduced budgets, due to the ongoing disruption of local refineries as a result of oil blockades in the country.

Al-Sarraj: Southern Libya was a top priority

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The Presidential Council head, Fayez Al-Sarraj, said that the situation in Libya’s south was a priority on the agenda for Economic Reform Programme and Reconstruction Projects.

Al-Sarraj stressed that exceptional financial arrangements have been established for the development of different southern regions, not only through the municipalities, but also depending on the available resources.

 “However, the aggression came to take all steps backward,” Al-Sarraj said.

“This issue has negatively affected the presidential council’s plans and projects that were supposed to be implemented in all Libyan regions,” he added.

Libya’s Presidential Council urges Central Bank to resume selling foreign currency for personal purposes

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Libya’s Government of National Accord (GNA) prime minister Fayez al-Sarraj on Saturday called on the CBL Governor Al-Siddiq Al-Kabir to resume selling foreign currencies for personal purposes with decreasing its value to 5000 dollars, at the same approved rate (about 3.70 LYD per dollar).

Al-Sarraj stressed that there is a great need, according to popular demand, to stabilize the Libyan dinar against foreign currencies and exchange rates in the parallel market, which, if not dealt with threatens to destabilize economic reforms.

It is worth noting that the dollar exchange rate witnessed a significant decline in the Libyan black market as it ranged between 5.80 LYD and 5.55 LYD, while the euro fell to record 6.04 LYD.

The Libyan Audit Bureau: CBL reserves to fall 20%

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Libya’s central bank reserves are predicted to fall by about 20 per cent this year because of a blockade on energy exports in the east of the country that has slashed revenues, the audit bureau said.

Annual oil revenues are expected to fall to $5 billion from $31 billion last year, dragging the central bank reserves down to $50 billion, it said.

Oil exports were shut down by protesters allegedly with the backing of armed groups in January. Global oil prices have also crashed as the coronavirus pandemic hits demand, with no prospect of a quick recovery in sight.

The fiscal deficit is forecast to reach $19 billion this year compared to a surplus of $7.82 billion in 2019, the Tripoli-based audit bureau said in a video posted on Facebook on Friday.

National Oil Corporation: salaries of five oil companies were suspended

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  NOC Chairman Mustafa Sanalla claimed that salaries of five companies were discontinued as a result of refineries being shut down due to the illegal blockade.

According to Sanallah, these companies are the National Company for the drilling and maintenance of oil wells, the National Oil Fields and Terminals Catering (NOFCAT), Al-Jouf Petroleum Technology Company, the North African Geophysical Exploration Company (NAGIKO), and the Libyan Norwegian Fertilizers Company,