Archive | Banking & Finance

Fund Mgr Fighting to Keep $16m in Libyan Bonuses

By John Lee. Bloomberg reports that a London banker is in a legal fight with the firm he founded, accused of taking more than $16 million in “secret commissions” relating to the management of the Libyan Africa Investment Portfolio (LAIP). FM Capital Partners (FMCP) alleges that Frederic Marino and former Julius Baer banker Yoshiki Ohmura […]

US Sanctions Libyan Oil Smugglers

By John Lee. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned six individuals, 24 entities, and seven vessels for threatening the peace, security, or stability of Libya through the illicit production, refining, brokering, sale, purchase, or export of Libyan oil or for being owned or controlled by designated persons. […]

Libya Removed from Terror-Financing Watchlist

By John Lee. The Financial Action Task Force (FATF) has reportedly removed Libya from its list of countries unable to fight money laundering and terrorism financing. Xinhua quotes the Central Bank of Libya (CBL) as saying: “[This] achievement means FATF’s approval to Libya complying with all the requirements and obligations to combat money laundering and […]

HoR swears in new Central Bank Governor

By John Lee. Libya’s eastern-based House of Representatives (HOR) has reportedy sworn in a new governor for its Bayda-based Central Bank of Libya (CBL). Mohamed Shukri was appointed in opposition to the Tripoli-based governor Sadiq al-Kabir, who continues to have the support of the UN-backed Government of National Accord (GNA). Following the ceremony on Monday, […]

$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 […]