Latest news with #CentralBankofLibya
Libya Observer
7 hours ago
- Business
- Libya Observer
Economy Ministry warns against speculation on the Dinar, assures gradual stability of exchange market
The Ministry of Economy and Trade in Libya's Government of National Unity issued an official warning on Sunday, cautioning against engaging in speculative activities targeting the Libyan dinar exchange rate. The ministry stressed that such practices would only lead to losses, citing similar outcomes observed over the past five years. In its statement, the ministry stressed that Libya's financial position remains robust, rendering speculative attempts ineffective. It added that the Central Bank of Libya (CBL), in coordination with relevant economic authorities, is moving ahead with a comprehensive monetary restructuring plan, expected to be officially launched at the beginning of the fourth quarter of this year. The ministry noted that recent fluctuations in parallel market exchange rates do not reflect actual foreign currency demand. Instead, they stem from manipulation involving old banknotes being withdrawn from circulation, leading to the emergence of a secondary market that distorts the real exchange rate. The statement also referenced an official letter from the Central Bank Governor to the Minister of Interior, dated 23 June 2025, which granted formal authorization to more than 132 currency exchange offices and companies. These entities are expected to begin operations soon as part of a broader effort to organize the exchange market and gradually dismantle the parallel market. The ministry vowed to draft an upcoming list of newly approved companies. Additionally, the ministry revealed that monetary authorities are preparing to launch a new financial product aimed at directly reducing prices in the informal market and encouraging transactions through legal channels only. The Ministry of Economy and Trade urged citizens, importers, and traders to exercise caution, warning against heeding rumors or unofficial advice in the currency market. It emphasized that economic stability is a shared responsibility, beginning with public awareness and ending with the strict enforcement of official policies.
Libya Observer
3 days ago
- Business
- Libya Observer
IMF warns of excessive spending in eastern Libya
The International Monetary Fund (IMF) has revealed that authorities in eastern Libya spent approximately 60 billion Libyan dinars in 2024 without including this expenditure in official financial statements. In a report published Thursday, the IMF stated that the high level of spending, coupled with the shutdown of oil fields due to conflict, shifted the country's fiscal position from a projected surplus to a significant deficit. The report noted that the absence of a unified budget and the sharp increase in public spending prompted the Central Bank of Libya to devalue the dinar by about 15% against the US dollar. The IMF stressed that corruption remains widespread, with weaknesses across the tax and customs systems, education and healthcare sectors, fuel trade, and procurement processes. It also highlighted the presence of illegal activities contributing to the fragility of the situation. It urged Libyan authorities to agree on a unified budget and prioritize spending to bolster fiscal stability and credibility. It emphasized the need to enhance transparency by preparing and publishing audited financial accounts and oil revenue reports online. The IMF recommended gradually unifying the exchange rate, removing the foreign currency tax and exchange restrictions, particularly in the absence of political consensus on reducing expenditure. The report also noted that weak political institutions have eroded public trust in the banking sector, leading to liquidity shortages as people hoard cash. While acknowledging that the Central Bank's move to inject new banknotes is positive, the IMF stressed that it does not address the root problem. It called for restoring public confidence in banks and enforcing anti-money laundering and counter-terrorism financing measures to support international banking relationships and economic stability. The IMF also underscored the need for comprehensive economic reforms to address obstacles facing the private sector, including the widespread informal economy, lack of regulatory frameworks, and limited access to financing and foreign currency. Finally, the report pointed out that armed groups continue to obstruct anti-corruption efforts, with some enjoying official status and actual control over certain areas.
Libya Observer
5 days ago
- Business
- Libya Observer
Electronic Payment Forum & Exhibition 2025
The Electronic Payment Forum and Exhibition 2025 concluded its activities after three days, held from June 15 to 17 at the Tripoli International Fairgrounds. The event saw broad participation from Libyan banks and electronic payment service providers, under the patronage of the Central Bank of Libya and organized by the General Authority for Exhibitions and Conferences. The forum featured a series of panel discussions and specialized workshops that addressed a variety of key topics, including cybersecurity in electronic payment services, mechanisms for developing banking regulations, financial innovation, and the risks of cybercrime. A distinguished group of local and international experts and specialists took part in these discussions. On the sidelines of the forum, the exhibition included live tech demonstrations by participating companies, showcasing the latest solutions in point-of-sale systems, e-wallets, mobile payment platforms, and biometric authentication technologies. These demonstrations provided valuable opportunities for direct engagement between service providers and interested attendees. In conclusion, participants emphasized the importance of continuing to host such platforms to strengthen collaboration between the public and private sectors and to raise awareness about the vital role of digital financial services in achieving stability and growth.
Libya Observer
21-06-2025
- Business
- Libya Observer
Central Bank discusses financing housing projects stalled since 2010
The Governor of the Central Bank of Libya, Naji Issa, has discussed with the Director General of the National Housing and Real Estate Development Programme, mechanisms for completing housing projects that have been stalled since 2010. During a meeting held on Thursday, the two sides also assessed the financing needs necessary to complete these projects, given the significant shortage in the supply of housing units and their high prices in the Libyan market. Governor of Central Bank emphasized that the banking and financial sector in Libya will play a pivotal role in financing these projects and transforming them into investment opportunities that contribute to reducing the population gap and providing adequate housing for all citizens of all categories, thus enhancing social and economic stability. Economy Tagged: Central bank of Libya
Libya Herald
19-06-2025
- Politics
- Libya Herald
187 new security posts taken over from militias – PM declares victory for the state as all vital Tripoli sites come under its exclusive control for the first time since 2011
Tripoli based Libyan Prime Minister, Abdel Hamid Aldabaiba hailed that what has been achieved by enabling the Ministry of Interior to secure the capital Tripoli on its own is a real victory for the state, which has not happened since 2011. He stressed that this achievement would not have been possible without the elimination of the largest outlaw groups (militias), and everyone's compliance with the state's procedures and its project to establish a sovereign state. Tripoli's new Security Arrangements Plan Aldabaiba was speaking on Wednesday while chairing an expanded security meeting in Tripoli to follow up on the implementation of the new Security Arrangements Plan in the capital, in the presence of Acting Interior Minister Emad Trabelsi, Undersecretary of the Ministry of Interior for Security Affairs Mahmoud Saeed, Tripoli Security Director Khalil Ohiba, and a number of security leaders. The new Security Arrangements Plan for Tripoli entails Ministry of Interior or Ministry of Defence forces taking over the securing of key government ministries and sites such as the Central Bank of Libya, the Audit Bureau and all the ministries, from militias. In the longer term it entails pushing all militias to the outer perimeter of Tripoli to protect civilians (and their property) from being caught in the crossfire of possible state v militia or militia v militia clashes. Successive governments since the 2011 revolution (that ended the 42-year Qaddafi regime) have attempted to impose their will on the militias by taking over this task but have been too weak or unsuccessful. No room for revolutionary warlords and leaders in regular forces Aldabaiba said: 'The era of Sheikh and Hajj (tribal and holy leaders) in our security and military services is over, and there is no place in the (security) ranks except for those who are qualified, disciplined, subject to authority, and servants of the law alone.' Aldabaiba here was sending a message to militias such as those led by a popular or warlord leader and to the powerful Abdelrauf Kara, the head of the Special Deterrence Force (SDF / RADA), who considers himself and is considered by his devout followers a Salafi religious leader. Kara controls Mitiga prison where he is accused by the international community of permitting human rights abuses. His presence on Mitiga airport is also a latent threat to the airport itself. A new maturity of the Interior Ministry in dealing with demonstrations? Continuing, Aldabaiba added that the demonstrations that took place in the capital during the past period passed without any attack, harassment, arrest or prosecution, which reflects the maturity of the Ministry of Interior and its deep respect for public freedoms and citizens' natural rights to peaceful expression. Police, Defence Ministry and Internal Security coordination For his part, Interior Minister-designate Emad Trabelsi reviewed the new security arrangements plan, stressing that the ministry is working according to a clear vision to extend security, enhance the deployment of police stations, and ensure effective coordination with the Ministry of Defence and the Internal Security Agency. Trabelsi stressed their commitment to implementing the Security Plan in accordance with the instructions issued by the Presidency of the Council of Ministers, and to ensure the protection of citizens and state institutions. 187 new security posts secured from militias Tripoli Security Director Major General Khalil Ohiba also confirmed that the field plan included 187 new security posts, implemented in the sites previously occupied by armed formations (militias). He said that the redeployment was carried out in a deliberate manner to secure the capital's locations, end any security vacuum, and fully extend the authority of the state. Plan needs continued government and public support The attendees at the meeting stressed that the success of the Security Plan depends on the continuation of political and administrative support for the security authorities, and strengthening citizens' confidence in their regular institutions. . The Interior Ministry had spent LD 50 billion in 13 years with no result: Acting Interior Minister Trabelsi Nearly 1 million crimes reported to police stations – confirms urgent need to dissolve all parallel security agencies / militias
