Archive | Banking & Finance

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 […]

Haftar accumulates $25bn of Debt funding Military

Libyan General Khalifa Haftar has reportedly accumulated $25 billion of debt funding his Libyan National Army (LNA), through a mix of unofficial bonds, Russian-printed cash and deposits from eastern banks. According to Reuters, the controversial Libyan general has also built a parallel banking system, headquartered in the eastern capital Benghazi. He also enjoys the support […]

Libya GDP Growth of 4% this yr, 6% next

By John Lee. A new report from the World Bank Group forecasts real GDP growth (at constant market prices) of 4 percent this year in Libya, increasing to 6 percent next year: As the oil sector is the major source of growth, economic activities remain constrained by recurrent clashes around oil infrastructure aiming to control […]

Audit Bureau rejects GNA Budget

The Libyan Audit Bureau, the highest financial regulatory authority in the country, has rejected the 2019 budget announced by the Government of National Accord (GNA) last month. The Audit Bureau said the legislative authority represented by the Tobruk based House of Representatives did not approve the budget according to the law and “lacked financial or […]

Libya’s Looming Contest for the Central Bank

By Tarek Megerisi, for War on the Rocks. Any opinions expressed here are those of the author and do not necessarily reflect the views of Libya Business News. Earlier this year, the armed coalition led by eastern-Libyan-based commander Khalifa Haftar took most of his country’s southwest, an oil-rich desert expanse three times as large as […]

Libya announces launch of first Polymer Banknote

The Central Bank of Libya (CBL) has launched its 1 Dinar banknote that will be printed on De La Rue’s polymer substrate, Safeguard®. This is the first polymer banknote to be released by the Central Bank of Libya, and one of the first polymer banknotes to be released in the region. The introduction of polymer […]

World Bank's new Strategy to support Libya

New Partnership with Libya Focused on Economic Recovery and Improving the Lives of Libyans The World Bank Group has announced a new strategy of support for Libya focused on restoring key services to citizens and promoting economic recovery as a critical contribution to the ongoing peace process. Developed in response to a request from the […]