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The Central Bank reveals a foreign exchange deficit that amounted to $9.1 billion during the month of January only of the current year 2023

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 The Central Bank of Libya revealed in a statement today, Thursday, that the total foreign exchange uses during the month of January only of the current year 2023 amounted to 10.3 billion dollars, while the total foreign exchange revenues supplied to the Central Bank of Libya during the month of January did not exceed 1.2 billion dinars, which means a deficit of 9 billion and 100 million dollars.

 The Central Bank stated in its statement that, during the month of January, it provided commercial bank accounts with an amount of about $1.5 billion, which includes approximately $914 million for credits, $593 million for personal purposes and an amount of $18 million for transfers. The largest value of foreign exchange uses, according to the statement, was placed under an item of existing commitments with a value of 8 billion and 612 million dollars, without clarifying the nature of these obligations and the aspects of their disbursement.

Central Bank of Libya: “The total state revenues during January of 2023 amounted to about 5.9 billion dinars”

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The Central Bank of Libya revealed, during its statement on revenues and spending issued today, Thursday, that the total state revenues during January of the current year 2023 amounted to about 5 billion and 900 million dinars, most of which came from oil revenues and royalties from foreign companies contracting with the National Oil Corporation.

The statement indicated that the state’s revenues during the month of January amounted to 5.9 billion dinars, including 4.7 billion dinars from oil sales and 1.1 billion dinars from royalties on oil companies, in addition to 29 million dinars from other sovereign revenues, which included 10 million dinars from customs revenues. And three million from tax revenues, and an amount of 16 million dinars from the revenues of financial services controllers in municipalities.

As for government spending, the Central Bank’s statement did not clarify the volume of spending during the month of January, given the delay in the arrival of data from the Ministry of Finance until the date of issuance of this report.

The General Assembly of Jumhouria Bank approves the balance sheets and profit and loss calculations for the fiscal years 2018 and 2019

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The General Assembly of Jumhouria Bank, during its regular meeting held today, Thursday, in Tripoli, approved the balance sheets and profit and loss calculations for the fiscal years 2018 and 2019.

The director of the media office at the bank, Mohamed Saeed, told our source that the meeting was attended by the president of the general assembly, Naji Issa, members of the general assembly, members of the board of directors of Jumhouria Bank, the general manager of the bank, the executive management, the head of the monitoring authority, a presentative of the Control Department, an observer for the Libyan capital market, and an accredited contract editor.

Mohamed Saeed added that the meeting discussed the agenda, as well as during which the reports of the Board of Directors on the bank’s activity were reviewed, and at its conclusion all the items of the meeting were approved.

Central Bank Research Department: The total assets of the Libyan Foreign Bank amounted to about $18 billion

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The Research and Statistics Department of the Central Bank of Libya revealed that the total assets of the Libyan foreign bank amounted to about 18 billion US dollars, or the equivalent of about 87.3 billion dinars, at the end of the fourth quarter of 2022.

The economic bulletin issued by the Central Bank indicated that public financial revenues amounted to 134.4 billion dinars during the year 2022, while expenditures amounted to about 127.9 billion dinars, divided into the chapters of the general budget, salaries of 50.8 billion dinars, management budget of 23.3 billion dinars, the development budget and the National Oil Corporation 33.7 billion dinars, while Support record about 20 billion dinars.

The Research Department added that the data issued by the Ministry of Planning – the Department of Statistics and Census indicate that the general consumer price index rose during 2022 to record 288.3 points, an increase of 12.6 points on an annual basis, compared to 275.7 points during the year 2021, to record an inflation rate of 4.6%. .

The Research Department indicated that the inflation rate during the year 2022 on an annual basis recorded an increase in all commodity groups, most notably the increase in the prices of the housing, water, electricity, gas and other fuels group by 7.9%, the increase in the prices of the transport group by 7.0%, while the prices of the foodstuff group increased by 4.4%. The prices of the clothing and footwear group increased by 4.3%, and the prices of the other goods and services group increased by 3.9%.

The Department of Research and Statistics also indicated that the index was in the foodstuff group reached 327.8 points, an increase of 13.8 points, equivalent to 4.4%. The index for the tobacco group scored 264.7 points, an increase of 0.5 points, equivalent to 0.2%. The index for the clothing and footwear group scored 434.6 points, an increase of 18.0 points, equivalent to 4.3%. .

The index for the housing, water, electricity, gas, and other fuels group increased, as it scored 191.3 points, with a noticeable increase of 14.0 points, equivalent to 7.9%. Likewise, the index for the furniture and home appliances group increased by 12.7 points, to record 365.9 points, or 3.6%. As for the health group, it scored 348.8 points, an increase of 11.2 points, or 3.3%.

The Research Department indicated that the bulletin contained recent data for Libya’s balance of payments for the year 2021, as the total balance recorded a surplus of about 6 billion Libyan dinars, while the trade balance of Libya recorded in the same year overflowed with 65.7 billion dinars, and the “commercial account” of Libya recorded in the year 2021 overflowed with about 24.5 billion dinars.

The Central Bank Research Department publishes the quarterly economic statement data for the fourth quarter of 2022

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The Research and Statistics Department of the Central Bank of Libya published the data of the Quarterly Economic Statement for the fourth quarter of 2022, as it witnessed an increase in the money supply to record about 110.3 billion dinars, compared to 105.7 billion at the end of the previous quarter. This increase is due to the increase in demand deposits from 70.2 billion dinars at the end of the third quarter to 75.9 billion dinars at the end of the fourth quarter 2022.

The Research Department stated that the currency circulating outside the banking sector decreased by one billion dinars, from 32.4 billion dinars at the end of the third quarter to 31.4 billion dinars at the end of the fourth quarter 2022.

The data of the bulletin indicated that the money supply witnessed a significant decrease in the year 2021, by about 25.0 billion dinars, compared to the year 2020.

The monetary survey showed an increase in net foreign assets by 13.0 billion dinars, or the equivalent of about 2.6 billion US dollars, to record net foreign assets about 387.7 billion dinars at the end of the fourth quarter of 2022, compared to 374.7 billion dinars in the previous quarter.

As the total assets of the Central Bank increased at the end of the fourth quarter by 11.6 billion dinars compared to what it was in the previous quarter, to record the assets of the Central Bank about 527 billion dinars.

The Research Department added that the total currency issuance record at the end of the fourth quarter amounted to 33.4 billion dinars, of which 2 billion dinars were in bank coffers and about 31.4 billion dinars circulated outside the banking sector, meaning that it is with the public.

Al-Kabeer and Shakshak discuss public spending for the year 2023

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The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, discussed today, Thursday, in his office during a meeting with the head of the Audit Bureau, Khaled Shakshak, the public spending for the current year 2023.

The meeting discussed a number of important and common issues, within the framework of cooperation and coordination between the Audit Bureau and the Central Bank to raise the rates of disclosure and transparency for all state institutions.

Central Bank Research Department: Total assets in the financial center increased to about 148.5 billion dinars at the end of the fourth quarter of 2022

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The Research Department of the Central Bank of Libya revealed that the total assets (excluding regular accounts) in the consolidated financial position increased from about 144 billion dinars at the end of the third quarter of 2022 to about 148.5 billion dinars at the end of the fourth quarter of 2022.

The Research Department stated that the total credit balance granted by banks increased from 19.6 billion dinars at the end of 2021 to about 23.0 billion dinars at the end of 2022, i.e. a growth rate of 17.0%, in addition to the fact that loans and credit facilities granted accounted for 22.5% of the total deposit liabilities, while it accounted for 15.5% of the total assets, and the balance of loans granted to the private sector at the end of 2022 amounted to 15.5 billion dinars, or 67.6% of the total loans and credit facilities granted, while the balance of loans granted to the public sector constituted the remaining 32.4% which amounted to about 7.5 billion dinars.

The Research Department confirmed that the cash balance in bank vaults in October 2022 amounted to about 3.5 billion dinars, and 3.8 billion dinars at the end of November, and in December the cash balance in bank vaults was about 2 billion dinars, explaining that the improvement is the result of banks’ regularity in selling foreign exchange for all purposes. Throughout the months of the year 2022.

The Research Department added that customer deposits with banks increased from 92.1 billion dinars at the end of 2021 to 102.1 billion dinars at the end of 2022, at a rate of 10.8%. Demand deposits accounted for 81.7% of the total deposits, while savings deposits constituted a percentage of only 0.3% of the total deposit.

The Research Department also clarified that private sector deposits at the end of 2022 amounted to 58.8 billion dinars, or 57.6% of the total deposits, while the balance of public and government sector deposits constituted the remaining percentage of 42.4%, or 43.3 billion dinars, of which 31.1 billion dinars are deposits for companies. and public sector institutions, and about 12.2 billion dinars in government deposits.

Wiam Al-Tayeb: “The General Electricity Company will exempt everyone who subscribes to the bank installment system from previous debts”

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A spokesman for the General Electricity Company, Wiam Al-Tayeb, revealed that the company will exempt everyone who subscribes to the bank installment system before the expiration of the period specified in Cabinet Resolution No. 92 of 2023 from previous debts.

Al-Tayeb explained that according to Cabinet Resolution No. 92 of 2023 regarding determining the tariff for electricity consumption. The company will exempt citizens involved in the bank installment system from their previous debts related to household consumption, whether they have meters or without meters, and everyone who subscribes to the bank installment system will be exempted before the expiry of the specified period stipulated in the decision, i.e. next August.

The Council of Ministers of the Government of National Unity had issued Decision No. 92 of 2023 regarding determining the tariff for electricity consumption, which stipulated that those involved in the bank installment system be exempted from paying debts, provided that the public treasury bears the value of paying the exempted debts as a matter of support and is supplied for the benefit of the General Electricity Company.

Shakshak and Al-Mashay discuss the procedures taken by the General Electricity Company regarding the contracts that have been approved

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The head of the Audit Bureau, Khaled Shakshak, discussed with the Chairman of the Board of Directors of the General Electricity Company, Mohamed Al-Mashai, during a meeting today, Wednesday, at the headquarters of the Audit Bureau in Tripoli, the measures taken by the company regarding the contracts that were approved in the past and the projects under study by the company, including the project to establish a station Derna and completing the other stations are in the process of being completed.

Shakshak emphasized during the meeting, which was attended by the Undersecretary of the Audit Bureau, Ala Al-Masallati, the competent departments of the Bureau and the directors of the technical departments of the company, the need to expedite the completion of the studies for the Derna station and focus on the consumption side to reduce the burden on the network by speeding up the activation of the smart electronic meter contract that the Bureau has previously approved contracts related to the supply of 500,000 meters as a first stage, which is expected to have a positive impact on the network.

For his part, the Chairman of the Board of Directors of the General Electricity Company, Mohamed Al-Mashai, affirmed his keenness to implement the recommendations of the Audit Bureau and overcome all obstacles and obstacles facing the network in order to implement the approved contracts and try to overcome peak times without loads.

Al-Zidani discusses budget proposals for the sectors for the fiscal year 2023

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The Committee for Preparing and Reviewing the Sectors’ Budget Proposal for the Fiscal Year 2023, chaired by the designated Minister of Planning in the Government of National Unity, Mohamed Al-Zidani, discussed during its second meeting held today, Wednesday, the observations on the submitted proposals, which will be presented when determining the timetable for discussing the observations for each sector or entity funded by Chapter Three. 

Al-Zidani stressed the need to prepare a book to set appointments with the authorities concerned with the implementation of the development budget, Chapter Three, to discuss their proposals, accompanied by the financial and technical follow-up report for the fiscal year 2022, stressing the need to exclude any proposal without that, and to take into account the principles and controls contained in Circular No. 5 for the fiscal year 2023.