Archive | Banking & Finance

Malta “Seizes Cash bound for Haftar”

By John Lee. Malta has reportedly seized a massive shipment of an unofficial Libyan currency believed to have been destined for the Eastern-based government in Baida. According to Times of Malta, the cash is thought to have originated from Russia, which has been printing money for the unrecognised Libyan government, based in the eastern city […]

More Russian-Printed Dinars enter Circulation

By John Lee. A parallel central bank in eastern Libya reportedly stepped up deliveries of new banknotes from Russia earlier this year, around the time that Khalifa Haftar launched his military offensive to capture Tripoli. Russian customs data obtained by Reuters shows nearly 4.5 billion Libyan dinars ($3.2 billion) despatched between February and June, apparently […]

Libya’s First Microcredit Agency Launched

Expertise France and the Government of the United Kingdom support the creation of the first microcredit agency in Libya Expertise France, the French technical assistance agency, in partnership with Assaray Trade and Investment Bank (ATIB), has launched the first microfinance institution in Libya – Namaa Tamweel. The €2-million project is financed by the UK government […]

Libyan Finances Ahead of Plan for Jan-Aug Period

By John Lee. Libya’s total revenues were 1.1 billion Libyan dinars ($800 million) ahead of budget for the first eight months of the year, according to a statement from the Central Bank of Libya (CBL) on Monday. Oil revenues were 2.6 billion dinars ahead at 20.2 billion dinars, with all other revenue sources being below […]

Libya joins European Bank for Reconstruction and Development (EBRD)

Libya has joined the European Bank for Reconstruction and Development (EBRD) as its latest shareholder with a view to becoming a country where the Bank engages with investments and support for policy reforms. The North African country became a shareholder in the EBRD today when membership formalities were successfully concluded. This follows the Bank’s Board […]

Tender: Audit Review of Central Bank of Libya

United Nations Re-Opens Bidding on Financial Audit Review of Libya’s Two Branches of the Central Bank of Libya Restoring confidence, promoting transparency, and supporting the reunification of Libya’s financial and economic institutions are crucial to Libya’s stability and the prosperity. Towards this end, UNSMIL remains committed to facilitating a financial audit review of the two […]

Cash for Sale in Libyan Markets

By John Lee. There’s an excellent piece by Nabih Bulos in the Los Angeles Times, on the foreign exchange markets in Libya. “The strategy for making profits here is simple“, he says. “It’s a matter of exploiting both the scarcity of money as well as the difference between the official exchange rate, where a dollar […]