Tag Archives | Central Bank of Libya

Dramatic Measures to Plug Budget Deficit

The Central Bank of Libya has proposed cutting the country’s diplomatic missions abroad and halting foreign scholarships and other state allowances. The move is part of a plan to cut the budget deficit, estimated at 25.2 Libyan dinars ($20.9 billion) last year. A combination of lower oil exports, caused by the continuing conflict in the […]

Central Bank Ensuring Fund Transfers

The acting governor of Libya’s Central Bank, Ali Salem al-Hibri, has told Reuters that he is ensuring the transfer of funds to the country’s internationally-recognised parliament, the House of Representatives (HoR). This is despite the kidnapping of al-Hibri’s office manager, and it helps to allay concern that money was falling into the hands of the armed […]

Parliament Dismisses Central Bank Chief

The governor of the Central Bank of Libya (CBL), Saddek Omar Elkaber [al-Sadiq al-Kabir] (pictured), has reportedly been dismissed by the elected parliament on Sunday. According to a report from Reuters, he had failed to attend a session of the House of Representatives (HoR) to discuss alleged financial irregularities at the central bank. The dismissal […]

Libya Not Forgiving $2bn Egyptian Loan

The Central Bank of Libya (CBL) has denied rumours that it has waived the repayment by Egypt of $2 billion deposited in May 2013 with the Central Bank in Cairo, to ease the Egyptian government’s financial troubles. Earlier LANA had quoted CBL governor Saddek El Kaber as saying that the money was repayable within five […]

Husni Bey calls for Dinar Devaluation

Libyan entrepreneur Husni Bey has said the Central Bank should devalue the dinar due to the growing trade deficit. The head of the HB Group said “To balance the budget the Libyan dinar must be devalued to a minimum of 2.0 to the US dollar,” much lower than the current exchange rate of 1.25 to […]

Phase Out of Old One-Dinar Notes

The Central Bank of Libya (CBL) has begun withdrawing the old one-dinar notes showing a picture of Muammar Gaddafi. They have been replaced by the slightly smaller lilac note introduced last February, showing revolutionary youth and the independence flag (pictured). The removal is effective as of 6th February 2014, and phase-out should be completed within […]

Cental Bank Announces Islamic Banking Conference

Preparations are underway for an international conference organized by the Central Bank of Libya in collaboration with the World Bank and the Islamic Development Bank on Islamic banking in Libya. The CBL has announced that the event will be held on 1st and 2nd of March, 2014. (Source: CBL)