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Author: LS

The International Monetary Fund: “CBL has kept a large stock of state reserves, and its reunification is very important to strengthen monetary policy”

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The Executive Board of the International Monetary Fund revealed, during the report on the conclusion of the Article IV consultations for the year 2023, on Friday, that the Central Bank of Libya was able to maintain a large stock of international reserves, supported by a combination of a fixed exchange rate, capital controls, and many other temporary arrangements, after it was There have been extraordinary fluctuations in oil production and revenues since 2011.

The IMF emphasized that the reunification of the central bank is crucial to strengthening monetary policy and supporting financial stability and promoting private sector development.

The International Monetary Fund stated during its consultation that Libya’s economic fortunes will depend on oil and gas production in the foreseeable future, and that hydrocarbon production is expected to grow by about 15% in 2023 after increasing oil production from one million barrels per day in 2022 to about 1.2 million barrels per day in 2023 and gradually increase.

This is due to the sharp contraction of the economy in 2020 due to the oil blockade and the drop in oil prices, which led to an inflated external and fiscal deficit, and a decline in foreign exchange reserves. Recently, the recovery of oil prices and the resumption of oil production led to budget and current account surpluses in both In 2021 and 2022, as the gross domestic product, which closely tracks oil production, remained volatile, and the inflation rate declined relatively despite the significant decline in the value of the dinar in 2021 and the rise in global commodity prices, rising from 2.9 percent in 2021 to 4.5 percent in 2022.

Looking at the future, and assuming that fiscal spending continues to be contained, the primary projection is that fiscal and external surpluses will gradually decrease over the coming years. The main risks for future expectations are the decline in oil prices due to expected regional global growth, and renewed conflict or social unrest that leads to disturbances in oil production. 

The IMF indicated that frequent changes in the currency pegs should be avoided to maintain confidence in the exchange rate as the nominal anchor, and that maintaining the peg would allow the central bank to better protect foreign exchange reserves amid rising political and security risks.

The IMF encouraged the authorities to continue strengthening the framework for combating money laundering and terrorist financing, closely monitor the capitalization of banks, reopen the property registry to enable banks to mitigate credit risks and assess the creditworthiness of the borrower, and liquidate the Central Bank of Libya’s holdings in commercial banks over a more than longer term to allow them to work independently.

Al-Kilani stresses coordination with the Ministries of Finance and the Civil Status Authority and the CBL regarding the progress of the process of disbursing the grant for the wife, children and girls over the age of 18

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Wafa Al-Kilani, Minister of Social Affairs in the Government of National Unity, discussed, during a meeting on Thursday with the Higher Committee for the Wife and Children Grant Project, the progress of the grant disbursement process and the follow-up of the disbursement of appendices to the payments due to citizens, in addition to the continuation of charging the fulfillment cards for the wife and daughters grant over the age of 18.

Al-Kilani stressed the need to continue coordination between the ministry and the relevant authorities, namely the Ministry of Finance, the Civil Status Authority, the General Authority for Information and the Central Bank of Libya.

The meeting also dealt with increasing technical support for the project, and following up on the work of the project’s platforms after updating and developing them, which, through the follow-up of the grant team, have proven successful in serving citizens wishing to register and inquire with ease by entering the applications of the grant project’s platforms.

Al-Kilani stressed the need to follow up the sums of money transferred to the banks. During the meeting, she reviewed the recommendations of the committee formed in this regard, and the committee agreed to hold an extensive meeting with the banks to discuss ways to speed up exchange operations and follow up the allocations.

The Director General of Jumhouria Bank conducts an inspection tour of the bank’s branches in the central and eastern regions

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The Director General of Jumhouria Bank, Abdul Razzaq Al-Tarhouni, conducted an inspection tour in the various branches of the bank in the central and eastern regions, during which he was briefed on the progress of the bank’s branches’ equipment.

The Media Office of Jumhouria Bank stated that the tour included the Al-Alous branch, which will reopen tomorrow, Sunday, in addition to Zliten branch “Al-Manara” and Sirte and Abu Hadi branches, indicating that the Director General listened during his tour to the employees and was briefed on the architectural aspects of the buildings, and recommended at the end of his inspection tour the executive departments by providing automatic teller machines (ATM) in the branches, withdrawal points within the branches (POS), and cash liquidity in all branches.

The Director General of Jumhouria Bank began his tour in the eastern region by visiting Beshr branch, followed by a visit to a number of other branches to see the progress of work in the branches and to find solutions to them.

During the meeting, the Director General listened to a number of clarifications from the branch managers about the progress of banking work, and stressed the need to overcome all difficulties facing their work and provide what they need for the smooth work in accordance with banking controls, praising the organization of branches and the mechanism for tracking cases that contributed to increasing revenues and facilitating transactions to improve the performance of the service provided to the bank’s customers.

The conferees concluded through this expanded meeting which was attended by the Assistant Director General for Human Resources Affairs, Bashir Zahmoul, the Director of the Eastern Region Branches Department, Abdul Basit Al-Jabali, the Director of the Equipment Department, Salah Al-Qat, and the Director of the Legal Office, Mohamed Al-Sanussi, to “unify ranks and work towards elevating the bank and keeping it away from any problems that may hinder its operations.”

The Public Prosecution orders the imprisonment of the director of the National Center for Standardization and Metrology

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The Public Prosecution ordered the detention of the Director General of the National Center for Standardization and Metrologyin remand pending investigation on charges of failing to fulfill the duty of maintaining the community safety component since assuming the mandate of the job and causing harm to the public interest.

The Public Prosecutor’s Office stated that the Public Prosecution Office examined the reasons for the lack of oversight, which aims to maintain the community’s health and safety component from food contamination. He discovered leading reasons, including the decline in the effectiveness of administrative measures aimed at ensuring the quality and safety of foodstuffs before allowing them to be brought into the country as a result of the non-calibration of the materials analysis laboratory equipment.

He added that after the interrogation of the Director General of the Center, he did not come up with a reason for his responsibility for not fulfilling the duty of maintaining the community safety component since he took over the job; Which caused harm to the public interest, and the investigator decided to order him to be remanded in custody pending the case.

The Central Bank of Libya reveals a deficit in foreign exchange during this year, which reached $8.9 billion by the end of May

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The Central Bank of Libya revealed in a statement today, Thursday, that the total foreign exchange uses during this year until the end of May amounted to 18.7 billion dollars, while the total foreign exchange revenues supplied to the Central Bank of Libya during the first five months of this year did not exceed 9.8 billion dinars, i.e. with a deficit of 8 billion and 900 million dollars.

The Central Bank stated in its statement that, during the past five months, it had fed commercial bank accounts with an amount exceeding 8.7 billion dollars, of which the amount of 4 billion and 815 million dollars was for credits, the amount of 3 billion and 781 million dollars for personal purposes and the amount of 140 million dollars for transfers, while the largest value is from the uses of cash. The foreigner, according to the statement, was placed under the item “obligations to public entities,” with a value of $8.313 billion, without clarifying the nature of these obligations and their disbursement.

The Central Bank statement reveals that the National Commercial Bank obtained the most foreign exchange during the year 2023

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Yesterday, Thursday, the Central Bank of Libya published a list of the total amounts of foreign exchange sold to commercial banks during the first five months of the year 2023, which amounted to about 8.73 billion dollars, and the National Commercial Bank topped commercial banks in total foreign exchange sold at a value of about 1.27 billion dollars.

According to the Central Bank statement, the total amount sold to the National Commercial Bank amounted to one billion and 273 million dinars, while Wahda Bank amounted to one billion and 24 million dinars, followed by Aman Bank with a value of 994 million dinars, then Jumhouria Bank with a value of 990 million dinars, and followed by the Yaqeen Bank with a value of 884 million dollars.

As for documentary credits, their total value during the current year amounted to about 4.8 billion dollars, the largest share of which was for Wahda Bank with a value of more than 880 million dollars, followed by Nuran Bank with a value of 541 million dollars, then the National Commercial Bank with a value of 533 million, then Jumhouria Bank with a value of 478 million dollars.

Dbeibeh confirms the depth of relations with Italy and the follow-up to what was agreed upon in the Tripoli and Rome talks

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The head of the National Unity Government, Abdul Hamid Dbeibeh, stressed today, Friday, during his meeting with the new Italian ambassador to Libya, Gianluca Alberini, who was appointed recently, the depth of relations between the two countries and the role of the two embassies in consolidating cooperation and partnership, by providing services, facilitating procedures, and following up on what was agreed upon in the Tripoli and Rome talks between the two governments, instructing the Ministry of Foreign Affairs to provide the necessary support to the ambassador.

For his part, the Italian ambassador stressed the importance of the role of the Italian embassy in Tripoli in supporting and following up what was agreed upon between the two prime ministers, and that he would work to increase the number of visas granted and facilitate the work of the private sector between the two countries to activate economic cooperation.

In the presence of the Minister of Foreign Affairs and International Cooperation, Najla Al-Mangoush, the Minister of State for Cabinet Affairs, Adel Jumaa, and the Libyan Ambassador to Italy, Mohanad Younes.

It is noteworthy that the prime minister began an official visit to Italy on Wednesday, which witnessed the signing of agreements and memorandums of understanding in various fields, and meetings with the most prominent political and economic officials of the Italian government.

CBL Control Department: “The Commercial Bank ranked first with a market share of 14.6%, amounting to 1.3 billion dollars of the amounts sold in foreign exchange”

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The Banking and Cash Control Department at the Central Bank of Libya revealed, on Thursday, that the Commercial Bank ranked first as the most used bank for foreign exchange, recording a market share of 14.6%, with the total amounts amounting to about 1.3 billion dollars. Wahda Bank came in second place with a value of 1 billion dollars, Aman Bank came in third place with a value of 994 million dollars, and Jumhouria Bank came in fourth place with a value of 990 million dollars.

The Banking Supervision Department of the Central Bank reveals a report on the total use of foreign exchange by banks, which amounted to 8 billion dollars

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Today, Thursday, the Banking Control Department at the Central Bank of Libya revealed a report on the total foreign exchange usages of banks during the period from 1-1-2023 to 5-31-2023, which amounted to 8 billion US dollars compared to 7 billion dollars during the same period last year, an increase estimated at about 1 billion dollars and 673 million dollars.

The Control Department stated that documentary credits accounted for 55.1% of the total uses of foreign exchange by banks, as personal purposes accounted for 43.3%, while remittances constituted only 1.6% of the total uses.

The administration added, during its report, that the total amounts sold to banks in foreign exchange since the beginning of this year through the system for following up purchase requests and coverage, and sales of foreign exchange for personal purposes in the Central Bank, amounted to about 8 billion dollars.

CBL reveals the size of spending for the sectors of the state

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The Central Bank of Libya revealed today, Thursday, during his monthly statement on the volume of spending for the state sectors, for the period 1-1-2023 to 31-5-2023, that the total expenditure of the Council of Ministers of the Government of National Unity and its affiliates amounted to 888 million and 573 thousand dinars, while the volume of expenditure for the Ministry of Finance reached 10 billion and 689 million dinars.

The Central Bank stated in its statement that the expenses of the House of Representatives amounted to 688 million and 991 thousand dinars, as the total expenditure of the Presidential Council reached more than 262 million dinars.