Archive | Banking & Finance

Dairy Firm “could close within two months”

By John Lee. Libya’s main producer of yoghurt and laban ( a traditional strained yoghurt) may have to stop production if it continues to be unable access new letters of credit from the Central Bank of Libya (CBL). Al-Naseem‘s CEO Mohamed Raied told the Libya Herald that the company held six months’ worth of stocks, […]

New Banknotes delivered to Central Bank in Tripoli

The Central Bank of Libya (CBL) received on Wednesday 22nd of February a new shipment of Libyan currency estimated to be 250 Million Dinars. This shipment that arrived from Britain at Mitiga Airport is considered the fourth that the Central Bank receives this month. As usual this shipment will be distributed around various commercial banks […]

Cental Bank Allocates $3.4bn to GNA

By Adam Nathan. The Central Bank of Libya (CBL) has deposited LD 4.8 billion ($3.4 billion) to the Presidency Council / Government of National Accord (GNA) to cover the budget (‘Temporary Financial Arrangement’) for the first quarter of the year. While LD 3.5 billion of this is to be used to pay state salaries, Economics […]

GNA, CBL agree “Temporary Financial Arrangements”

By John Lee. Libya’s UN-backed Government of National Accord (GNA) and the Central Bank of Libya (CBL) in Tripoli say they have agreed to work together to tackle urgent economic problems in 2017. The CBL has thus far been reluctant to release public funding until the GNA is endorsed by Libya’s eastern-based parliament, the House […]

GNA calls for Urgent Meeting with Central Bank

By Adam Nathan. Libya Herald reports that the Government of National Accord (GNA) has sought an urgent meeting with the board of the Central Bank of Libya (CBL). The Minister-elect of Finance, Osama Hamad, called for the meeting to suggest necessary and urgent temporary measures to provide the GNA with the finances it requires. According […]

CBL Receives new Shipment of Libyan Currency

By John Lee. The Central Bank of Libya (CBL) in Tripoli received a new shipment of Libyan paper currency on Friday. The dinars were produced in the United Kingdom, and sent by air via Mitiga International Airport. In a statement, the CBL said it will distribute the shipment to commercial banks in “all regions of […]