The total uses of foreign exchange by banks from 1/1 – to 31/05/2023 amounted to about $8,736,159,886 compared to $7,062,872,826 during the same months of 2022, with an increase of about $1,673,287,060 million, and a growth rate of 23.7%.

The letters of credit accounted for 55.1% of total bank uses of foreign exchange, personal purposes accounted for 43.3% of total bank uses of foreign exchange, while transfers accounted for only 1.6% of total uses.

The actual banks’ uses of foreign exchange for all purposes

Amounts sold to banks in foreign exchange for all purposes:

Within the framework of the Banking and Monetary Supervision Department’s follow-up to the accepted purchase requests for letter of credits and remittances, submitted by commercial banks through the system for following-up requests for coverage, and foreign exchange sales for personal purposes, in accordance with the decision of the Board of Directors of the Central Bank of Libya No. (1) of 2020 regarding amending the exchange rate of the Libyan dinar and Banking and Monetary Supervision Department Circular No. (9/2020).

The total amounts of foreign exchange sold to banks from 1/1 – to 31/05/2023, through the system for following up purchase and coverage requests, and foreign exchange sales for personal purposes at the Central Bank of Libya, amounted to about $8,736,159,886 compared to $7,062,872,826 during the same months of 2022, with an increase of about $1,673,287,060 million.

According to  the table below, which illustrates the values sold of foreign exchange by banks, it is clear that National Commercial Bank was the most bank purchased foreign exchange from 1/1 – to 31/05/2023, maintaining its first rank among the banks with a market share of 14.6%, as the total amounts of foreign exchange purchased was about $1,273,402,000, followed by Al-Wahda Bank with a value of $1,024,599,749, then Aman Bank for Trade and Investment was in the third place with a value of $994,647,146. Jumhouria Bank was ranked fourth with a value of $990,946,549, then the following banks come in terms of relative importance in order: Al-Yaqeen Bank, Al-Nouran Bank, the United Bank, the Libyan Islamic Bank and the Sahara Bank. of the banks as shown in the table below, which also contains the order in which they were Banks during the same period last year 2022.

Second: Accepted bank requests to cover Letters of Credits and transfers, except for personal purposes, from 1/1 – to 31/05/2023:

The number of companies, factories, public entities, and other entities whose applications were approved to purchase foreign exchange from 1/1 – to 31/05/2023 has reached (1,386), with a number of applications amounting to 6,551 applications. Most of these applications were made in purpose to cover letters of credits, which were 5,793 applications, 88.4% of the total, as shown in the following table:

Banks’ requests to cover letters of credit and transfers – all sectors

(According to the beneficiary countries)

The table below shows the values of banks’ requests made by all sectors to purchase foreign exchange from1/1 – to 31/05/2023, the table iullstates the value in terms of beneficiary countries, it is clear that 39.2% of bank transfers to cover letters of credit or other transfers were to the United Arab Emirates, whereas Turkey was in second place with a rate of 7.9%, followed by Switzerland and China with rates of 6.1 % and 5.4%, respectively.

Banks’ requests to cover letters of credit and transfers – all sectors

(According to the beneficiary countries)

From 1 – 1 to 31/05/2023

Banks requests to cover letters of credit and transfers – all sectors

According to the countries of origin for the goods or services

The table below shows the values of banks’ requests madee by all sectros to purchase foreign exchange by goods or services origins from 1/1 – to 31/05/2023, It is clear that Turkey ranked first, as goods or services of Turkish origin accounted for 20.4% of the total accepted purchase requests. Imports of goods or services of Chinese origin came in second place, accounting for 12.9% of the total, and goods or services of Egyption origin accounted for 11.7% ranked third during the period, while goods and services of Russian origin accounted for 7.2%, and those of Indian origin accounted for 6.0%. The following table shows twenty countries of origin for goods or services.

Banks requests to cover letters of credit and transfers – all sectors

According to the countries of origin for the goods or services From 1 – 1 to 31/05/2023

Accepted bank requests to buy foreign exchange – According to  sectors

From 1/1 – to 31/05/2023

Private sector:

Duing the period from 1/1 – to 31/05/2023, the number of private sector companies and factories were (1,303) whose requests foreign exchange to cover letter of credits and other transfers were approved. Banks’ requests to purchase foreign exchange by the private sector to import production and operation requirements ranked first among total purchase requests during the period, accounting for 14.9% of total foreign exchange purchase requests. While the requests to cover import of commodity production requirements ranked second with relative importance of 12.5%, whereas the requests to cover the accounted for miscellaneous food commodities accpunted for 11.5% and the import of feed 8.4% of the total. The following table shows the purchase requests for commodities or services during the reported period.

Purchase orders for the fifty most important goods or services – Private Sector

From 1/1 – to 31/05/2023

Purchase orders according to the fifty most important companies – Private Sector

From 1/1 – to 31/05/2023

Public Sector

The number of public sector entities whose requests for foreign exchange to cover letters of  credits and other transfers were approved reached 36 entities from 1/1 – to 31/05/2023. Where banks’ requests to purchase foreign exchange Almadar Aljadeed, ranked first from the total purchase requests during the reported period, accounting for 23.4% of the total foreign exchange purchase requests, while by Libyana Mobile Phone Company ranked the second with relative importance of 17.0%, whereas requests from General Authority of the Social Solidarity Fund accounted for 10.8%, and the requests to cover the import of Electronic Devices at a rate of 9.9%. The following table shows purchase requests made by the public sector.

Purchase orders by commodity or services – Public sector

From 1/1 – to 31/05/2023

Purchase requests by entities – Public sector

From 1/1 – to 31/05/2023

Banking Sector:

Accepted Coverage Requests – Banking Sector

From 1/1 – to 31/05/2023

“Descending order”

According to Goods and Services – Banking Sector

“Descending order”

According to Country of Origin – Banking Sector

From 1/1 – to 31/05/2023

“Descending order”

According to Beneficiary Country – Banking Sector

“Descending order”

Foreigners (salary transfers):

Accepted Coverage Requests

Foreign Transfers – Salaries

From 1/1 – to 31/05/2023

According to Beneficiary Country – Foreign Transfers (Salaries)