Archive | Banking & Finance

End to Libyan Liquidity Crisis “by early 2019”

By John Lee. The Deputy Prime Minister of the Tripoli-based Government of National Accord (GNA) has reportedly said he sees the Libyan dinar stabilising next year as restoring liquidity could crimp armed groups’ funds. Ahmed Maiteeg (pictured) told Reuters that Libya expects to end a long-running liquidity crisis by early 2019 as a foreign currency tax […]

Swiss Banking Software Firm to supply Libyan Bank

Swiss-based banking software company Temenos has announced that Alejma’a Alarabi Bank, one of the largest private banks in Libya, has chosen Temenos T24 Core Banking to renovate its IT infrastructure. The bank chose T24 Core Banking, and also opted for a host of additional solutions including Islamic banking capabilities, Temenos Analytics & Reporting, Temenos Financial […]

UNSMIL Condemns Intimidation of Financial Institutions

The United Nations Support Mission in Libya (UNSMIL) has observed over the last several days the illegal use of force and intimidation against private and public institutions in Tripoli, notably Aman Bank al-Siyahia Branch and the Libyan Arab Foreign Investment Company (LAFICO). The assaults aimed to seize control of these institutions and gain privileged access […]

US, UN Sanction Militia Leader Ibrahim Jadhran

The United States, in coordination with the UN Security Council’s Libya Sanctions Committee, imposed financial sanctions on Libyan militia leader Ibrahim Jadhran. In accordance with today’s UN listing, which was proposed by Libya’s Permanent Mission to the UN, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated Jadhran pursuant to […]

Legg Mason to pay $34m to Settle Libya Bribery Case

US-based investment management firm Legg Mason is to pay more than $34 million to the Securities and Exchange Commission (SEC) to settle an investigation into the role one of its former subsidiaries played in bribing officials in Libya. Bankers for the firm paid $26.5 million in bribes between 2004 and 2010 so that Libya would […]

Libyan GDP Grew 55% in 2017

According to the WFP‘s latest Safety Nets Alert Platform (SNAP), the Gross Domestic Product (GDP) in Libya grew up by 55 percent in 2017 from the previous year. The improved performance has been driven by a revival in oil output and a pick-up in global oil prices. Crude Oil Production in Libya decreased slightly to […]

UKEF Financed 2 Libyan Projects last year

By John Lee. UK Export Finance (UKEF) has published its annual report and accounts for 2017 to 2018, in which it lists two export projects supported in Libya: Leisurewear International Limited received export working capital of £454,722 to supply children’s clothing to the Al Jedoor Company; Fortress Diagnostics Ltd received export working capital of £303,942 to […]

US, UN Sanction Human Traffickers in Libya

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), concurrently with the United Nations, has sanctioned six individuals for threatening the peace, security, or stability of Libya through their involvement in the smuggling of migrants. Migrant smuggling has become a lucrative business in Libya and fuels instability by providing funding for rogue […]