Archive | Banking & Finance

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 […]

Eastern Central Bank wants Dinar Devaluation

By John Lee. Libya Herald reports that the chairman of the Beida-based Central Bank of Libya (CBL), Ali Hibri, has again called for the Libyan dinar to be devalued, and wants to reduce subsidies on goods and energy. The report suggests that, despite the existence of parallel institutions in the East and West of Libya, […]

Delivery of New Bank Notes stokes Inflation Fears

By John Lee. Libya Herald reports that 400-million dinars worth of new bank notes have been delivered to the Central Bank of Libya (CBL), and another 600-million dinars is due to arrive in Tripoli within the next couple of weeks. The notes were reportedly made by a UK company, and their arrival is stoking fears […]