Archive | Banking & Finance

$31bn Budget for 2018

The public budget in Libya for 2018 has been set at around 42.5 billion Libyan dinar ($31 billion dollars at official bank rates). Oil revenue is expected to reach 22.5 billion dinars in 2018 while taxes and customs tariffs are expected to hit 2.5 billion. There is also an alleged 5.5 billion dinar surplus from […]

Libyan Dinar continues to Fall

By John Lee. A recent report has found that, since November, the Libyan dinar has lost 9.1 percent against the US dollar on the ‘parallel’ market, having already depreciated by 4.8 percent in the previous month. Swiss-based NGO REACH says that this has created further inflationary pressures in Libya. The full report can be downloaded […]

CBL unfreezes $100m at French Bank

By John Lee. The Central Bank of Libya (CBL) has announced that a French court has ruled in its favour in a case which would see the release of a $100-million loan owed to the bank. The assets were held by Credit Agricole, and were frozen at the request of Al-Kharafi Group, which is owned […]

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 […]