In a statement to “Sada” economic newspaper, a black market currency trader confirmed that, today, the dollar is stable at 4.36 dinars on the parallel market.
The euro also witnessed a relative rise to 4.76 dinars. However, by 09:15 GMT, the pound was down 0.8% at $1.3105 GBP.
Today, Gold prices dipped 1% after hitting a near four-week high.
Spot gold fell as much as 1% before trading 0.8% lower at $1,577.38 per ounce by 08:19 GMT.
Earlier, it touched its highest since January 8 at $1,591.46. However, U.S gold futures shed 0.4% to $1,581.70.
In a statement to Tabadul, Abdul Rahman al-Hamdi announced that a citizen was wounded after today’s missile attack that hit Abu Salim district in Tripoli.
He also explained that the missile fell near Abu Salim Medical Center, clarifying that financial damages were registered as well.
Omar Zarmuh, one of the most prominent economic experts in Libya, announced that the country faces great challenges as the blockade of oil fields and ports continues, which led to the drop in the National Oil Corporation’s exports to its lowest levels for the first time since 2011.
In an interview with the economic newspaper “Sada”, Zarmuh suggested solutions to the Libyan Central Bank as well as to the NOC in order to deal with the current situation under the circumstances of war, political division and the shortage of oil revenues.
He also talked about the short and long-term implications of the decrease in oil production, which will lead to a drop in the state’s general budget revenues. Morover, he statet that “if the Central Bank has to withdraw from its reserve to finance oil imports, then Libya’s foreign exchange reserves will be eroded as well”.
Nevertheless, he insisted that the decline in non-oil revenues such as taxes, customs duties and other project revenues represent a major weakness.
According to the report of the Libyan Central Bank concerning the State budget for 2019, the communication sector contributes to financing the budget. But in return, most other companies do not contribute to the country’s revenues, among which the Libyan Investment Authority, despite that its capital is estimated at 65 billion dollars. He also hoped that the contributions of these companies surpass 25% of the budget rather than 5%.
The National Center for Disease Control claimed that it begun screening of flights arriving at Mitiga International Airport.
It also explained that the quarantine Unit of the center’s International Health Oversight Office provided all outlets with specialized thermal cameras to detect any suspected cases of respiratory diseases.
Morover, the center indicated that the screening will include all air, land, and seaports in the country, as part of its plan to prevent coronavirus spread into Libya
The US currency retreated compared to the Libyan Dinar in the parallel market.
Whereas the European and American currencies rose in comparison with what it recorded in Thursday.
For instance, the dollar fell to 4.355 dinars today. However, the Euro increased to 4.78 dinars after reaching 4.76 dinars.
The British pound also rose to 5.65 as it was affected by yesterday’s official announcement related to the implementation of “Brexit”.
Concerning the Turkish and Tunisian currencies, they both jumped at the beginning of the week. Hence, the lira increased to 0.73 dinars, and the Tunisian dinar rose to 1.55 dinars.
Central Bank Supervision Manager Mokhtar Al Tawil wrote to board directors concerning the misappropriation of 20 million dinars from the National Commercial Bank in Al zawia and Gharyan.
As a consequence, the banks operating in Libya were requested to reserve the bank account balances of the employee at the National Commercial Bank Samia Mareei Amer Muhammed.
In a statement to the economic newspaper “Sada”, an official source claimed that there is a huge problem in monitoring the financial services in Gharyan, especially problems related to corruption.
Oil output in Libya has plunged since January 18 due to a blockade of ports and fields.
Production in Libya averaged 760,000 barrels per day during January, compared to 1.15 million barrels per day in December.
On average, the 13-member Organization of the Petroleum Exporting Countries pumped 28.35 million barrels per day this month, with an increase of 640,000 barrels per day compared to December.
Despite the drop in supply, crude prices slipped to below $60 a barrel on concern that the coronavirus outbreak may cut China’s oil demands.
