Tag Archives | Central Bank of Libya (CBL)

Libyan Technocrats Agree Principles to Protect Oil Sector

Key Libyan institutions and representatives have agreed a set of principles aimed at reinforcing existing legal protections for the National Oil Corporation (NOC). Representatives of Libya’s National Oil Corporation, the Governor of the Central Bank of Libya (CBL), tribal and municipal representatives, the United Nations, the International Monetary Fund (IMF), major international oil companies, diplomats […]

GNA appoints New LIA Board of Trustees

The newly GNA-appointed Board of Trustees for the Libyan Investment Authority (LIA) has been officially announced following its first meeting that took place in Libya’s capital on Saturday. According to a statement issued on their behalf, the Board of Trustees “is the highest governing body of the LIA which is mandated to preserve and protect Libya’s sole Sovereign […]

CBL Governor meets Head of Crisis Group

By John Lee. The Governor of the Central Bank of Libya (CBL), Saddek Omar Elkaber, has met with Jean-Marie Guéhenno, Head of the International Crisis Group (ICG) on Thursday at his office in Tripoli. They discussed the effects of the economic and financial problems facing Libya, and practical solutions to alleviate the daily suffering of […]

New Currency Shipment arrives to Mitiga

By John Lee. The Central Bank of Libya (CBL) received a new shipment of currency from the United Kingdom on Thursday morning. According to a statement from the CBL, the shipement is “estimated to be” $300 million. It said it will distribute the money to commercial banks across the country during Ramadan. (Source: Central Bank […]

Central Bank distributes $303m to Households

By John Lee. The Central Bank of Libya (CBL) has said that it has distributed more than $303 million to Libyan households from 12th February to 23rd May. The dollars were made available at the official rate of 1.4 dinars per dollar; the black-market rate is currently around 8 dinars per dollar. Individuals are entitled […]

Will Libya Devalue its Dinar?

By Jason Pack for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Libya Business News. Nearly six years after the fall of Col. Moammar Gadhafi in 2011, the tally of political, social and security-related challenges facing Libya is considerable. International efforts to reconcile the deep political […]

Sharara Oilfield Reopens

The National Oil Corporation (NOC), Zintan Elders Council, and Petroleum Facilities Guard (PFG) have welcomed a new accord to reopen unconditionally the blockaded Sharara oil field, restoring over 200,000 barrels per day of Libyan oil production with immediate effect. This will also allow reopening of the El Feel [El Fil, Elephant] oil field, which produces […]

Big drop in Libyan Oil Revenues

By John Lee. New statistics show oil revenues of only 3.03 billion dinars ($2.2 billion) for the first quarter of 2017, down 43 percent from the expected 5.42 billion ($3.87 billion). Overall, the Ministry of Finance of the Government of National Accord (GNA) says state revenues were down 30 percent, with tax 23 percent below plan, […]