Latest news with #CentralBankofLibya
Libya Observer
9 hours ago
- Business
- Libya Observer
About two-thirds of Libya's exports go to EU, with Italy in the Lead
Official data released Monday by the Central Bank of Libya showed that exports to the European Union (EU) accounted for 68% of Libya's total exports during the period from 2021 to 2024. The Central Bank's report on foreign trade attributed this high percentage to the nature of the economies of EU countries (Eurozone), which heavily rely on crude oil as a primary input for industry. Libya's economy largely depends on oil as its main source of income, with crude oil representing more than 95% of total exports. Asian countries ranked second in terms of the volume of Libyan exports, accounting for about 14% of total exports during the same period. Export data over the past four years showed that Italy was the top importer of Libyan exports, with a share of 23.2% from 2021 to 2024. The value of Libyan exports to Italy reached approximately $6,895.9 million in 2024. In addition to Italy, several other countries appear on the list of Libya's major export partners, including Germany, the United Kingdom, Greece, Spain, and France. According to the Central Bank's report, these countries are among the main consumers of Libyan exports, which are predominantly oil-based. Tags: crude exports libyan economy
Libya Review
11 hours ago
- Business
- Libya Review
Libyan Central Bank: Foreign Trade Rises by 35% Over 4 Years
Libya's foreign trade has grown by an average of 35.8% between 2021 and 2024, according to a new report issued by the Research and Statistics Department at the Central Bank of Libya. The report, which analysed external trade data over the past four years, attributed the overall increase primarily to the significant rise in exports, which recorded an average growth rate of 62.6% during the same period. However, the report also highlighted a 6.1% decline in total trade volume in 2024 compared to 2023. This drop was largely due to a 10.2% fall in oil exports, as global crude oil prices saw a noticeable decline. The Central Bank noted that fluctuations in global energy markets continue to impact Libya's trade performance, with oil remaining the backbone of the country's export economy. Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations. Libya's economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya's economy. The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions. The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition. Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
Libya Review
20-05-2025
- Business
- Libya Review
Libya's Central Bank Restarts Dollar Sales & Credit Services
On Tuesday, the Central Bank of Libya (CBL) announced it will resume the sale of foreign currency to individuals and companies, starting Sunday, 25 May 2025. The sale of US dollars will take place through the Bank's official foreign currency booking platform. At the same time, the Central Bank confirmed that it will begin accepting new applications for letters of credit, mechanisms that facilitate international trade and imports, also starting on the same day. The Central Bank said it will hold a meeting with Libya's commercial banks to coordinate the rollout of a nationwide plan to improve cash liquidity and enhance digital payment services. The announcement was carried by the state-run Libyan News Agency and reflects a broader effort to restore confidence in the country's financial system. The move follows last month's devaluation of the Libyan dinar, in which the Bank adjusted the exchange rate by 13.3%. The dinar's value was revised from 0.1555 to 0.1349 Special Drawing Rights (SDRs), equivalent to 5.5677 dinars per U.S. dollar. The decision was part of a package of monetary reforms intended to reduce currency speculation and bring the parallel exchange rate closer to the official one. Central Bank Governor Naji Issa had previously stated that firm action was needed to rebalance the economy. He indicated that adjusting the exchange rate was essential to protect Libya's financial stability, promote fair access to currency, and support broader fiscal reform efforts. The resumption of dollar sales and credit facilities signals a return to more predictable financial operations. It also offers a lifeline to Libyan businesses struggling with import restrictions and currency shortages. At the same time, it may ease public pressure amid rising prices and growing frustration with economic uncertainty. With these measures, the Central Bank is taking cautious but deliberate steps to restore balance, improve transparency in currency flows, and strengthen the country's fragile economic recovery. Tags: Central BankDollarForeign Currencylibya
Libya Observer
20-05-2025
- Business
- Libya Observer
CBL announces new date for electronic payment forum in Tripoli
The Central Bank of Libya (CBL) has announced that the Electronic Payment Forum and Exhibition — the largest banking event in Libya — will now take place from June 15 to 17, 2025, at the Tripoli International Fairgrounds. The event was originally scheduled for May 20 but was postponed due to recent security incidents in the capital. The Central Bank stressed that this forum is the first of its kind in terms of scale and specialization in the field of electronic payments in Libya. It aims to showcase the latest solutions and technologies in digital payments and to explore prospects for digital transformation in the financial and banking sector. The forum will support the country's financial inclusion strategy and contribute to developing digital infrastructure for financial services. The event is expected to attract wide participation from commercial banks, technology companies, government institutions, and local and international experts and specialists, positioning it as a leading platform for exchanging expertise and presenting digital transformation initiatives and projects within the financial sector. The Central Bank added that organizing this forum is part of its efforts to promote financial innovation, implement modern payment systems, and is being held under its direct supervision and in cooperation with the General Authority for Exhibitions and Conferences. Tags: Central bank of Libya Electronic Payment Forum and Exhibition
Libya Review
16-05-2025
- Politics
- Libya Review
Central Bank of Libya Attacked by Militia Group
Libya's eastern-based Government has strongly condemned an armed assault on the Central Bank of Libya headquarters in Tripoli. In a statement issued Friday, the Parliament-designate government said the attack was carried out by a militia known as the General Support Forces, which is affiliated with the Tripoli-based Government under Abdel-Hamid Dbaiba. According to the statement, the attackers stormed the Central Bank building with the intention of misappropriating public funds. The incident, the Government claims, caused extensive damage to banking systems and led to the destruction of vital infrastructure. Several vehicles belonging to bank staff were also reported stolen during the raid. The statement accused Dbaiba's government of deliberately concealing the incident in an attempt to evade legal responsibility. It described the silence of Tripoli-based authorities as 'a calculated cover-up to avoid accountability and protect those involved in the crime.' The eastern Government, led by Prime Minister Osama Hammad, called on Libya's Attorney General to immediately open a comprehensive investigation into the attack. It urged legal authorities to identify and prosecute all individuals who participated in the assault, including those who facilitated the operation. The Government also warned that such actions severely undermine Libya's financial sovereignty and threaten the stability of state institutions. It called for international condemnation of the incident and highlighted the need for robust legal measures to prevent a repeat of such violations. This armed attack comes amid increasing tensions between rival authorities in Libya, with Tripoli witnessing violent clashes in recent days. The assault on the Central Bank is viewed as a serious escalation, further fuelling concerns about the country's fragile security situation. Tags: Abdel-Hamid DbaibacblCentral Banklibyatripoli
