Archive | Banking & Finance

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 […]

E-Cards return Purchasing Power to Libya’s Displaced

For families across Libya, the ongoing conflict has thrown a shroud over day-to-day life, making economic survival an increasing struggle. With the country’s economy fixed in a downward spiral, thousands of families are unable to access enough money to meet their basic daily needs. ACTED is targeting those with the least coping-capacity, i.e. IDPs, host […]

Libyan Bank to use Oracle’s Flexcube

By John Lee. Libya’s Yaqeen Bank has reportedly signed with Oracle FSS to use Flexcube as its core platform and Oracle Banking Digital Experience for digital channels. According to BankingTech, the bank evaluated Finastra, Infosys, International Turnkey Systems (ITS), Temenos, Path Solutions and Oracle FSS. Temenos, Oracle and Path made it to the shortlist, followed […]