French Report: €1.8 Billion in Gold Smuggled Through Libya
A French report has warned of a growing wave of illegal gold smuggling and counterfeit currency operations across Libya.
The report, published by Mondafrique, focuses on a major gold smuggling case in Misrata. Customs officials at the city's international airport were involved in an attempt to move nearly 26 kilograms of gold out of the country, worth close to €1.8 billion at current market prices. Under Libyan law, only the Central Bank has the legal authority to export gold.
Misrata, Libya's third-largest city, plays a central role in trade and transport but also hosts over 200 armed groups with around 20,000 fighters. These militias control strategic infrastructure and are linked to smuggling networks operating through ports and airports across western Libya.
The report also references earlier findings by The Sentry, a U.S.-based organization that monitors illicit finance in conflict zones. It had previously been reported that Misrata serves as a key transit point for gold being smuggled to Turkey and the United Arab Emirates. Both countries are politically and militarily involved in Libya, supporting rival factions in Tripoli and Benghazi.
The problem goes beyond gold. Libya has also seen a wave of counterfeit banknotes. Large volumes of fake 50-dinar bills have entered the market, according to the Central Bank. The Ministry of Finance in Tripoli responded by pulling the fake currency from circulation and urged citizens to exchange it at banks.
Authorities in Tripoli blamed a Russian-backed militia near Benghazi, known to be associated with the Wagner Group, for distributing the forged notes. This follows a 2019 case when Malta intercepted a shipment of fake Libyan dinars printed in Russia and destined for eastern Libya. That shipment was worth over 4.5 billion dinars.
Between 2015 and 2020, roughly 12 billion dinars were printed in Russia and sent to Libya, which contributed to rising inflation and a sharp drop in the currency's value.
The report concludes that smuggling and forgery are now part of a broader effort to destabilize Libya's financial system and deepen its internal divisions. Tags: franceGoldGold Smugglinglibya
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