Skip to main content

Tag: libya

Abu Snina: “Closing Currency Exchange Shops is Not a Solution; Regulating the Exchange Sector in Libya is More Effective”

Written by Amira Cherni on . Posted in News. No Comments on Abu Snina: “Closing Currency Exchange Shops is Not a Solution; Regulating the Exchange Sector in Libya is More Effective”

Economic expert Mohamed Abu Snina stated that closing currency exchange shops in Souq Al-Mushir in Tripoli does not mean the cessation of foreign currency trading in the black market or controlling its prices. Instead, these operations will continue secretly “under the table” in homes, cafés, workshops, and unlicensed exchange offices and companies, as long as commercial banks stop or fail to provide this service.

Abu Snina added that this closure will likely lead to further increases in foreign currency prices due to the higher risks involved. Prices in the parallel market are determined by the demand for and supply of foreign currency, influenced by various factors not tied to a specific time or place. He stressed that instead of closures, the more effective approach, both now and in previous years, would have been to regulate this sector by licensing and authorizing exchange offices and companies under the supervision and oversight of the Central Bank of Libya, as is done in other countries worldwide.

Abu Snina also pointed out that exchange offices and companies should be monitored by the Central Bank, with these businesses required to submit regular reports on the amounts they buy and sell. This would allow the Central Bank to manage the foreign currency market and control exchange rates efficiently. He emphasized that what we see today, with shops displaying “exchange company” signs across various streets and neighborhoods in plain sight of regulatory authorities without Central Bank authorization, constitutes a clear violation of the law and is one of the distortions in Libya’s foreign currency market.

Ministry of Civil Service Reviews Financial Releases and Vacant Positions in the Approved Staffing Structure

Written by Amira Cherni on . Posted in News. No Comments on Ministry of Civil Service Reviews Financial Releases and Vacant Positions in the Approved Staffing Structure

The Financial Releases Committee of public administrative units held its tenth meeting today, Monday, to implement the recommendations from the minutes of the meeting held at the Prime Minister’s Office and approved by the head of the government.

During the meeting, the committee discussed the decision issued by the Minister of Civil Service regarding the organization of the committee’s work, including the project outlining its work mechanisms and target priorities.

Additionally, it was agreed during this meeting that it is essential to communicate with all administrative units to ensure adherence to the release guidelines, which include the availability of financial coverage and vacant positions in the approved staffing structure.

Oil Field Closures Discussed in a Meeting Between Dbeibeh and the U.S. Deputy Secretary of Defense

Written by Amira Cherni on . Posted in News. No Comments on Oil Field Closures Discussed in a Meeting Between Dbeibeh and the U.S. Deputy Secretary of Defense

Prime Minister Abdul Hamid Dbeibeh held a meeting today, Monday, with the U.S. Deputy Secretary of Defense for International Affairs to explore ways to enhance cooperation between Libya and the United States in counterterrorism, military capacity development, and border surveillance.

The two parties discussed support for Libyan military training programs and the development of border monitoring systems to strengthen Libya’s ability to confront security threats. They also addressed regional security and stability issues in North Africa, reaffirming their commitment to bolstering security cooperation in ways that serve mutual interests and contribute to regional stability.

The meeting also touched on the critical issue of oil field closures and other vital resources, with both sides emphasizing the need to protect these resources and ensure their continuous flow to serve the interests of the Libyan people and support economic stability.

Norland: “Libyans Need Swift Actions to Restore Confidence in the Central Bank Leadership”

Written by Amira Cherni on . Posted in News. No Comments on Norland: “Libyans Need Swift Actions to Restore Confidence in the Central Bank Leadership”

Richard Norland, the U.S. Ambassador to Libya, stated in media remarks that the mission emphasizes the need for rapid solutions to emerge from the current situation. He noted that the recent decision by the Libyan Presidential Council to dismiss the governor was a unilateral action and, unfortunately, part of a pattern of unilateral measures taken by eastern and western parties in recent weeks and months.

Norland added that, from the mission’s perspective, the U.S. position is that Libyans need swift actions to restore confidence in the leadership of the Central Bank, allowing for normal international financial transactions and the importation of goods and medicines into Libya, thus avoiding an economic crisis.

The U.S. ambassador expressed concerns that the raid on the financial intelligence unit and the seizure of its records raised fears about anti-money laundering and counter-terrorism financing efforts. Questions are now being raised about accountability and the credibility of the involved leadership in relation to international financial partners.

Norland also highlighted the important role Cairo has played recently in bringing together the two chambers (the 6+6 Committee) and other efforts to reach an agreement on key constitutional understandings. Morocco has similarly played a role in this context, leading to what he considers clear progress that can be built upon.

He explained that the efforts of the United Nations were halted due to the resignation of the Special Representative of the Secretary-General.

Dbeibeh Emphasizes the Importance of Advancing the Implementation of the 2030 Sustainable Development Plan

Written by Amira Cherni on . Posted in News. No Comments on Dbeibeh Emphasizes the Importance of Advancing the Implementation of the 2030 Sustainable Development Plan

The Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, confirmed that his government is committed to enhancing comprehensive social development and supporting civil society institutions. He emphasized that Libya will continue to support humanitarian and social issues, particularly volunteer work and the rights of persons with disabilities.

Dbeibeh stressed the importance of moving forward with the implementation of the 2030 Sustainable Development Plan.

Al-Baour Discusses with African Union Commission Uniting Efforts to Face Common Challenges in the Continent

Written by Amira Cherni on . Posted in News. No Comments on Al-Baour Discusses with African Union Commission Uniting Efforts to Face Common Challenges in the Continent

The Acting Minister of Foreign Affairs in the Government of National Unity, Taher Al-Baour, discussed with the Chairperson of the African Union Commission the enhancement of African cooperation and the unification of efforts to address the common challenges facing the continent, with a focus on supporting national reconciliation efforts in Libya.

This comes as part of Libya’s participation in the 79th session of the United Nations General Assembly.

Minister of Oil Discusses Strengthening Partnership with Algeria’s Sonatrach in Energy Exploration and Development Projects

Written by Amira Cherni on . Posted in News. No Comments on Minister of Oil Discusses Strengthening Partnership with Algeria’s Sonatrach in Energy Exploration and Development Projects

The Minister of Oil and Gas in the Government of National Unity, Khalifa Abdul Sadiq, discussed with the CEO of Algeria’s Sonatrach, Rachid Hachichi, the enhancement of the partnership in oil and gas exploration, renewable energy projects, and oil field services.

For his part, Hachichi confirmed Sonatrach’s resumption of activities in Libya, fulfilling its contractual obligations, and initiating the development of discovered fields. This discussion took place on the sidelines of the Gastech conference and exhibition in the U.S.

Egyptian Foreign Ministry Reaffirms to the U.S. Embassy Its Support for a Libyan-Libyan Solution Leading to Elections

Written by Amira Cherni on . Posted in News. No Comments on Egyptian Foreign Ministry Reaffirms to the U.S. Embassy Its Support for a Libyan-Libyan Solution Leading to Elections

Egypt’s Foreign Minister, Badr Abdul Ati, reaffirmed on Friday, during his meeting with the U.S. Special Envoy to Libya, Richard Norland, Egypt’s support for a Libyan-Libyan solution and respect for the role of Libyan institutions, aiming to reach the point of holding elections.

The Egyptian Foreign Minister also emphasized the necessity of the withdrawal of all foreign forces, foreign fighters, and mercenaries from Libya.

Ghaffar Discusses Future Strategy for the National Committee on Combating Money Laundering

Written by Amira Cherni on . Posted in News. No Comments on Ghaffar Discusses Future Strategy for the National Committee on Combating Money Laundering

The acting Governor of the Central Bank, appointed temporarily by the Presidential Council, Abdul Fattah Ghaffar, discussed today, Thursday, with the National Committee on Combating Money Laundering and Terrorism Financing at the bank’s headquarters, various files related to the committee’s work, including its future strategy. This strategy includes several projects aimed at improving the competencies of employees in the financial sectors and other relevant sectors, such as insurance, real estate brokerage, contract writers, and precious metals traders.

The meeting also explored mechanisms to develop the specialized technological infrastructure and the committee’s role in supporting legislative frameworks that ensure the effectiveness of efforts to combat money laundering and terrorism financing, as well as enhancing communication between all relevant parties.

Ghaffar emphasized the importance of the committee continuing its work in accordance with the established procedures, noting the need for ongoing technical support for all entities involved in combating money laundering and terrorism financing. This includes updating data based on systems and operational capacity and continuously monitoring them.

The acting governor also stressed the importance of coordination and cooperation between the concerned parties to achieve common strategic goals in combating money laundering and terrorism financing, with particular emphasis on financial institutions, especially compliance units, which must operate according to international standards.

In its Annual Report, US State Department: Libya Has Failed to Meet Minimum Financial Transparency Requirements

Written by Amira Cherni on . Posted in News. No Comments on In its Annual Report, US State Department: Libya Has Failed to Meet Minimum Financial Transparency Requirements

The US State Department’s 2024 annual financial transparency report revealed that Libya has failed to meet the minimum financial transparency requirements according to the standards applied in this global report issued by the “US Congress,” as has been the case in previous years.

The State Department stated that it continues to urge Libyan leaders to ensure public funds are spent transparently and accountably by reaching a compromise on the fair distribution of Libya’s oil revenues, developing a unified budget, and publicly disclosing information on how public revenues are used.

The US State Department emphasized that these priorities have become more urgent than ever due to the current crisis faced by the Central Bank of Libya.