Archive | Banking & Finance

Libyan Dinar Falls Further

By John Lee. The Libyan dinar has reportedly fallen further in value in recent days, breaking the LD 9 to the US dollar mark. A black-market currency trader told Libya Herald that the fall was caused by a combination of factors, including the fighting in Wirshefana and the shortage of hard currency on the market. […]

REACH, CMWG launch Price Monitoring System

Little is known about the present state of market systems in Libya. Relevant market dynamics are not fully understood by the humanitarian community, which in turn hampers the provision of an effective and efficient response to vulnerable population groups. In an effort to better understand market systems and to support the scale-up of cash distributions, […]

SLEIDSE promotes Access to Finance for Libyan SMEs

The SLEIDSE programme — Support to Libya for Economic Integration Diversification and Sustainable Development — which is financed by the European Union and implemented by Expertise France, gathered public authorities, banks, businesses and international players in order to tackle access to finance issues with the presence of the Ambassador of the European Union, and present their […]

Libyan Foreign Bank (LFB) signs MoU with Bahrain Bank

Bahrain-based Al Baraka Banking Group (ABG) has signed a Memorandum of Understanding (MoU) with the Libyan Foreign Bank (LFB) to collaborate in all areas of banking. The MoU was signed by Mr. Adnan Ahmed Yousif (pictured), President & Chief Executive of ABG and Chairman of Al Baraka Turk Participation Bank on behalf of Al Baraka […]

BCD parts company with Qatari Shareholder

By John Lee. The General Assembly of Benghazi’s Bank of Commerce and Development (BCD) have voted to end its partnership with the Qatar National Bank (QNB). It said it will dispose of Qatari bank’s shares “in accordance with the provisions of the agreement.” A statement from the bank did not clarify how this will be […]

LFB Defends $109 Legal Case

By John Lee. A Tunisian court has ruled in favour of the Libyan Foreign Bank (LFB) in the case brought against it by the Tunisian company LMS. LMS claimed that LFB owed it $108.7 million for fuel shipments during the 2011 Libyan revolution. However, the court of appeal found that LMS had failed to deliver […]

CBL Governor meets Head of Crisis Group

By John Lee. The Governor of the Central Bank of Libya (CBL), Saddek Omar Elkaber, has met with Jean-Marie Guéhenno, Head of the International Crisis Group (ICG) on Thursday at his office in Tripoli. They discussed the effects of the economic and financial problems facing Libya, and practical solutions to alleviate the daily suffering of […]

New Currency Shipment arrives to Mitiga

By John Lee. The Central Bank of Libya (CBL) received a new shipment of currency from the United Kingdom on Thursday morning. According to a statement from the CBL, the shipement is “estimated to be” $300 million. It said it will distribute the money to commercial banks across the country during Ramadan. (Source: Central Bank […]