Libya's Forex Gap Widens Despite Oil Revenues
The Central Bank of Libya (CBL) announced a foreign currency deficit of $4.7 billion in the first five months of 2025, according to a detailed financial statement published Thursday on its official Facebook page.
The CBL reported that foreign currency revenues from January 1 to May 31, 2025, totaled $9.5 billion, while total foreign exchange uses and outstanding obligations reached $14.2 billion, leading to the sizable deficit.
Breakdown of Foreign Currency Use
According to the report, foreign currency usage was split between:
$2.24 billion through the Central Bank
$11.94 billion via commercial banks
Central Bank Allocations
The Central Bank's spending included:
$163.7 million on salaries of Libyans working abroad
$200.4 million to the National Oil Corporation (NOC)
$304 million to the General Electricity Company
$546.5 million in credits and transfers for various public institutions
$188.6 million for the Medical Supply Organization
$46.5 million in student stipends for Libyans studying overseas
$5.1 million allocated for overseas medical treatment
$128.4 million for the Housing and Infrastructure Projects Authority
Commercial Bank Usage
Spending via commercial banks was led by:
$6.29 billion for letters of credit
$242.5 million in bank transfers
$5.38 billion for personal use
$34.5 million through small trader debit cards
The report underscores the pressure facing Libya's foreign currency reserves amid ongoing high demand for foreign exchange and state-funded imports, especially with oil revenues serving as the country's primary income source. Tags: cblCentral BankFacebookForexlibya
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Libya's Forex Gap Widens Despite Oil Revenues
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