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Exclusive: Member of Parliament Reveals Council’s Rejection of Central Bank Governor’s Proposal on Exchange Rate Fees

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A member of the House of Representatives stated to Tabaadul channel today, Wednesday, that the House of Representatives will not agree to the proposal of the Central Bank Governor, Seddiq Al-Kabeer, to impose fees on the exchange rate at a rate of 6.15 or 5.95 dinars to the dollar because the parliament is a legislative authority whose role is to issue laws and legislation, monitor the government, and hold it accountable. As for the exchange rate, it falls within the jurisdiction of the Central Bank’s Board of Directors, according to Law No. (1) of 2005 concerning banks.

Central Bank of Libya Governor had sent a letter to the Speaker of the House of Representatives days ago, in which he proposed a solution to the problem of the exchange rate increase in the parallel market by imposing a tax on the official exchange rate by 27% for all purposes except for public sectors with sovereign and service nature, making the exchange rate between 5.95 and 6.15 dinars to the dollar.

Hamad: “Dbeibeh’s Government Has Led to the Deterioration of Living Conditions for Citizens and Damage to the National Economy”

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Prime Minister of Libya, Osama Hamad, issued a statement regarding the statements made by the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, confirming that the wrong practices of the Government of National Unity, which he described as “expired,” have led to the deterioration of living conditions for citizens and damage to the national economy.

Hamad stated: “We echo the voice of the Governor of the Central Bank of Libya demanding the cessation of the expired government from squandering public money and exaggerating in spending without any benefit to the Libyan state and its people, and seizing sovereign revenues and managing them away from the law. We urge all judicial, accounting, and oversight bodies to expedite the implementation of what is contained in the Governor’s letter under the umbrella of accountability and investigation against anyone who has committed crimes against the Libyan people, in addition to the necessity of revealing the identity of the entity responsible for spending from an unknown source.”

Hamad pointed out that the Central Bank of Libya’s disclaimer of responsibility for the economic situation in the country is unacceptable, as it is the entity responsible for implementing expenditure orders issued by the Ministry of Finance of the Government of National Unity, which is “expired.”

Norland: “Agreed with the Governor of the Central Bank that Libya Needs a Unified Budget”

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The American Ambassador to Libya, Richard Norland, disclosed on Tuesday that he had agreed during his meeting with the Governor of the Central Bank of Libya, Sadik Elkaber, that Libya needs a unified budget to enhance transparency and accountability in public spending and to assist the central bank in protecting the value of the dinar from further deterioration in the parallel market.

Ambassador Norland added that the adoption of a unified budget would help the Central Bank of Libya protect the value of the Libyan dinar from further deterioration in the parallel market, especially in light of reports indicating that counterfeit currency imported is being used to purchase dollars and euros. He emphasized that Libyans must know how their country’s wealth is being spent.

Central Bank: Total Government Expenditure during January and February 2024 Reached 10.9 Billion Dinars

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The Central Bank of Libya revealed in its statement issued on Tuesday regarding revenues and expenditures that the total government expenditure during the months of January and February of the year 2024 amounted to 10.9 billion dinars. Meanwhile, the state’s revenues during the same period reached 14.5 billion dinars, resulting in a surplus of 3.6 billion dinars.

The Central Bank further explained that the total state revenues for this year until the end of February amounted to 14.5 billion dinars, with 14 billion coming from oil revenues, representing approximately 96.5% of the total revenues. Additionally, other sovereign revenues amounted to a total of 366 million dinars, including 52 million from taxes, 65 million from customs, 30 million from the sale of fuel in the local market, and other revenues totaling 219 million dinars.

Regarding government expenditure during the same period, the Central Bank revealed that the total expenditure reached 10.9 billion dinars, with 10.3 billion allocated to salaries and 623 million dinars allocated to subsidies. No amount was allocated during this period for the remaining budget items.

Dbeibeh Affirms that the Government of National Unity Will Confront Conspiracies until the Libyan Dinar Strengthens

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Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, affirmed during the first Cabinet meeting for the year 2024 today, Tuesday, that his government will confront conspiracies and challenges until the Libyan Dinar becomes strong and prices become affordable for everyone. He explained the revenues achieved by the government from hard currency over the past three years, totaling $75.2 billion, and that the Central Bank will inject into commercial banks amounts totaling $55.8 billion, representing 74% of the total, adding that the government is not responsible for these amounts.

Dbeibeh clarified that the distribution and utilization of government sectors from the allocated revenues amounting to $15 billion, representing 19.9% of the utilization of hard currency, with $7.8% allocated to the oil sector. He emphasized that it is the right of the Audit Bureau and supervisory bodies to hold the National Oil Corporation accountable and inquire about the exceptional budget allocated to the oil sector in order to reach a daily production of 2 million barrels of oil.

Dbeibeh added that accumulated state debts for treatment abroad have been paid off to the value of $330 million, stressing the Ministry of Planning to disclose the plan it has developed for educational facilities and schools, which has spent $2.3 billion across the country.

Exclusive: Central Bank Official: Al-Kabeer Addresses Aguila Regarding Imposing Tax Fees on the Official Exchange Rate, to be Between 5.95 and 6.15 Dinars per Dollar

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An official at the Central Bank of Libya revealed today, Tuesday, that the Governor, Seddiq Al-Kabeer is addressing the Speaker of the House of Representatives, Aguila Saleh, regarding a proposal to quickly approve a unified budget, streamline public spending, and address parallel unidentified spending.

The official explained that in Al-Kabeer’s proposal to the deputies, there is a suggestion to impose tax fees on the official exchange rate, amounting to 27% for all purposes except for sectors funded from the general treasury. The additional exchange rate is proposed to be between 5.95 dinars and 6.15 dinars per dollar, with the tax rate being adjusted according to revenue conditions and expenditure developments. This rate is not expected to achieve complete stability in the parallel market as long as there is unanticipated and unidentified demand in the market.

Dbeibeh Agrees with Shakshak on the Necessity of Activating the Role of the Ministry of Economy in Regulating Prices During Ramadan

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Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, discussed today, Monday, during a meeting with the head of the Audit Bureau, Khaled Shakshak, the file of fuels and the results reached by the committee in terms of usage by electricity, factories, and citizens. They agreed on the necessity of activating the role of the Ministry of Economy and Trade and the Municipal Guard, in coordination with the Central Bank of Libya, in regulating prices during the blessed month of Ramadan.

This is based on the open documentary credits during the fourth quarter of the past year, for basic commodities, to eliminate price manipulation and exploitation during the holy month by raising prices.

The meeting also discussed supporting developmental projects and completing them according to approved timelines, the necessity of supporting local administration, providing services at the local level, eliminating centralization, and the importance of setting regulations and monitoring the use of fuels and controlling it.

Official Source at CBL Reveals Reasons for Suspending the Operation of the Foreign Currency Reservation System for Individuals

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An official at the Central Bank of Libya revealed the reasons for suspending the operation of the foreign currency reservation system for individuals. The source stated that more than 80,000 citizens completed reservation and shipment operations within just one day, bringing the total number of beneficiaries to nearly 200,000 people so far. The number of registered individuals in the system has reached over 700,000.

The source also mentioned that the Central Bank will work on implementing technical solutions and improvements in the system’s operation during the remaining days of March to resume reservation and shipment operations at the beginning of April.

Economy Ministry Reveals Details of Credits for the Private Sector Totaling $729 Million

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The Ministry of Economy and Trade issued a statement regarding import activity through the banking system from January 1 to February 28, 2024, explaining that the total foreign currency covered for the private sector from February 4 until the end of February reached $729 million through 808 credits.

The ministry detailed the credits allocated to the private sector, indicating that the total value of credits for foodstuffs was $409 million, frozen meats amounted to $42.6 million, and feedstuff amounted to $79.326 million. The total credits granted for supplying foodstuffs and raw materials necessary for their manufacture amounted to $459 million.

The ministry added that the value of credits for medicines and medical equipment totaled $21 million, and the value of credits for electronics, clothing, cars, spare parts, and service transfers was $151.494 million. Additionally, the value of credits for dairy products and derivatives was $27.700 million.

The statement issued by the Ministry of Economy also clarified that the value of credits for cooking oil was $30.6 million, live cattle amounted to $24 million, sugar amounted to $58.8 million, and tomato paste amounted to $23.5 million. Furthermore, the value of credits for rice reached $34.5 million.

The Central Bank’s Liquidity Team Sends a Shipment Worth 75 Million Dinars to Sebha

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A confidential source from the Central Bank of Libya revealed to a news channel today, Saturday, that the liquidity team at the bank is sending a liquidity shipment to the city of Sebha this morning, coming from the Central Bank of Libya in Tripoli to the Sebha branch, worth 75 million dinars.

The source explained that this is to cover the needs of bank branches in the southern region, and the team will continue to send shipments gradually.