Latest news with #LD
Libya Herald
21 hours ago
- Business
- Libya Herald
CBL grants licenses to 52 new FX bureaux – bringing total to 187
In accordance with the Central Bank of Libya's plan to activate the role of Foreign Exchange Bureaux and FX companies, and in follow-up to the previous announcement regarding the granting of a license to practice 135 companies and exchange bureaux. The Central Bank of Libya announced last Sunday (27 July) the approval by Governor Naji Issa to grant a new final license to 52 Foreign Exchange Bureaux and companies. This brings the total number to 187 FX companies and bureaux covering all regions of Libya, as well as granting an initial license to practice to 108 FX companies and bureaux. The new FX bureaux will operate in the market under the supervision of the Central Bank of Libya. The announcement by the CBL comes as part of its efforts to fight the FX black-market and defend the FX value of the Libyan dinar. Last week the dinar dropped below the LD 8 per US dollar threshold causing a wide outcry in anticipation of rising prices and cost of living. The CBL has vowed to bring the rate down and keep it lower with the announcement of a planned series of countermeasures. It has dropped to about LD 7.7/dollar this week. Libya's undiversified, consumer, rentier economy It is unclear if any of the CBL's policies can keep the FX rate down in the long-term. Libya is fundamentally a consumer rentier state economy dependent on oil exports and global crude oil prices. It has failed over the decades, despite much promise, to reduce its import bill by diversifying its economy and developing local production and industry. . CBL demands imports are conducted through official banking instruments and the elimination of the FX black market CBL sets 7 percent profit margin for official FX Bureaux CBL Governor Issa justifies Libyan dinar devaluation – blames both governments for uncontrolled spending and absence of effective, targeted macroeconomic policies CBL devalues Libyan dinar by 13.3 percent to LD 5.56 per dollar Future of the value of the Libyan dinar against the dollar is not reassuring under current circumstances: Former CBL Governor Jehaimi Nine reforms must be taken to preserve the value of the Libyan dinar: Bank and Fintech chairman Naaman Bouri CBL's latest revenues and spending data reveals a dinar surplus but a dollar deficit Grand Mufti of Libya laments demise of exchange rate of Libyan dinar – and lack of resignations by officials as a result CBL invites applicants who had previously obtained initial approval to establish FX bureaux to resubmit applications CBL defends its financial performance, protection of Libyan dinar value Audit Bureau freezes 160 bank accounts amid currency smuggling, fraud and duty evasion claims Tripoli introduces electronic import regulation system CBL: LD 3 bn in FX smuggling, money laundering – accuses local banks of corruption CBL issues 71 new FX bureaux licenses CBL approves applications for 64 Foreign Exchange Bureaux
Libya Herald
3 days ago
- Business
- Libya Herald
Secular and religious agree on need for Libya's gradual energy subsidy reform
The secular and religious worlds have come to agreement on the need for Libya to gradually reform its fuel subsidies in the unlikely bedfellows of the International Monetary Fund (IMF) and Libya's (western region) Grand Mufti (the highest religious authority). Dar Al-Ifta, the highest religious body, released a video clip last Thursday (24 July) of the Grand Mufti of Libya, Sadeg al-Ghiriani, basing his religious recommendation on Libya's fuel subsidy reform on the IMF's study published this month entitled 'Energy Subsidy Reform in Libya'. Speaking on the problems of Libya's economy, the Mufti said ''the first step to reforming the waste of public money that Libya is currently experiencing is to lift the (energy) subsidies, almost half probably more, of which go to the money of criminals and smugglers''. Drawing on the IMF Al-Ghariani continued ''The report issued by the IMF calling for the lifting of energy subsidies is a study by international experts, the government should take advantage of it and gradually lift subsidies, as the report suggested, as there is no country in the world where gasoline and energy are sold at the price that it is sold at (LD 0.15 / US$ 0.09 per litre) in Libya''. Lack of trust in government – fear of failure to compensate for subsidy removal Dealing with some of the opposition Libyans have to the introduction of fuel subsidy reforms, the Grand Mufti said Libyans 'should not let their emotions carry them away by saying they fear if subsidies are removed the government will not live up to its promise to substitute it with a direct cash payment (equivalent to their realistic average annual consumption of fuel). ''Do Libyans agree to at least a third of their state budget being wasted away, robbed by thieves for illicit use and profligacy? This (continued squandering of public money) is not appropriate to the behaviour of any wise, Muslim or human being'', he added. ''I therefore call on the (Tripoli based Libyan) government to open this topic again based on the IMF's report and work on gradually lifting the (energy) subsidies, as suggested in the IMF report until energy prices reach their real (market) price''. The IMF study on Libya's energy subsidy reform It will be recalled that, and as reported by Libya Herald, the IMF report had stated that energy subsidies have become a significant burden on government finances in Libya. The study said the pervasive nature of subsidies has led to rampant corruption, smuggling, and a diversion of resources from essential public services. The paper identifies key barriers to reform, including opposition from vested interest groups and public apprehension regarding inflation and welfare loss. To address these challenges, a strategic reform plan is proposed, emphasizing a phased approach, a comprehensive communication plan and social protection measures to mitigate the adverse effects of subsidy removal. By taking these steps, Libya can transition towards a more sustainable framework that supports macroeconomic stability, the IMF study stated. . IMF study entitled 'Energy Subsidy Reform in Libya' concludes that reform is crucial as subsidies lead to overconsumption and premature resource depletion Fuel subsidies reached LD 60 billion, 30 percent of which is smuggled – therefore can invest just LD 5 bn in housing: CBL Governor Issa Audit Bureau 2023 Annual Report: 2023 state subsidies amounted to LD 68.5 billion Libya loses about US$ 12 billion annually in smuggled subsidies: Aldabaiba Decision to remove fuel subsidies has been taken: PM Aldabaiba ( NOC chairman Bengdara says his organisation is not a security force to combat fuel smuggling ( Aldabaiba forms ministerial committee to study mechanism for fuel subsidy reform – again ( Supreme Council for Energy adopts NOC 2023-2027 plan, including alternative energy project ( Supreme Council for Energy Affairs holds first meeting ( At Gharian cabinet meeting, Aldabaiba explains fall in black-market value of dinar and resounds alarm over fuel subsidies ( Fuel quantities, smuggling and subsidy reform – and increased oil production through PPP discussed at summit meeting ( Alternatives to fuel subsidies with cash payments delivered to Aldabaiba ( Prime minister Aldabaiba forms Ministerial committee to study reforming fuel subsidies, orders payment of family grant, increases pensions ( Libya's Economic Reform Salon proposes reforms for the country's fuel subsidies | ( Fuel subsidy reform proposal presented to Serraj government | ( Libya reduces subsidies on commercial-use kerosene | ( Subsidies are seen as an entitlement by Libyans: GNA Planning Minister | ( Government to reduce petrol subsidies | ( Cash for goods subsidy reform adopted by Tripoli authorities | ( Subsidy reform: petrol prices to be increased by 200% | ( 2014 Budget commits government to subsidy reform by Jan 2015 | ( The 2014 Budget: Subsidies up – despite deficit and oil exporting crises | ( 2014 budget expected to be LD 68.59bn – salaries and subsidies shoot up | ( Unemployment, subsidies, undiversified economy, stifled private sector – problems of Libyan economy: WB | ( Fuel subsidies removed over 30 months in three stages – Economy Minister Abufunas | ( Subsidy reform: Smugglers are the ones prospering from subsidies – Zeidan | ( Cabinet meeting forms committee on subsidies – Zeidan | ( Oil minister says fuel subsidies to go by 2016 | (
Libya Herald
20-07-2025
- Business
- Libya Herald
Libya Industry Union supports CBL initiative to complete stalled housing projects – through cheaper, locally manufactured raw materials
Ali Nuseer, the Executive Director of the Libyan Industry Union (LIU) told Libya Herald, in an exclusive interview today, that his union fully supports the Central Bank of Libya's (CBL) initiative to complete the hundreds of thousands of stalled housing projects through the supply by local manufacturers of materials. The LIU's support to the CBL initiative came in the form of an official letter sent to the CBL last Thursday (17 July). The letter came in response to the workshop held in Tripoli last Sunday (13 July) entitled 'The Role of the Banking Sector in Revitalizing Stalled Housing Projects and Urban Development'. The workshop was organised by the CBL in cooperation with the Tripoli based Libyan government. At the workshop, the CBL Governor, Naji Issa, announced that he was prepared to make available up to LD 5 billion for the completion of the hundreds of thousands of stalled (since the 2011 revolution) housing projects. It was also revealed at the workshop that the Tripoli government is aiming to complete 150,000 housing units by 2030. In response, LIU Executive Director Nuseer confirmed the contents of the letter revealing the LIU ''affirm their full support for the CBL Governor's initiative, through which the development, reconstruction and completion of thousands of housing units will be revived throughout Libya House-building raw materials can be manufactured locally at cost – plus a small margin The LIU's participation in the initiative, the letter to the CBL said, comes by providing a large portion of the project's needs, with a small profit margin covering administrative and general expenses. These can be manufactured locally at cost. More than 15 percent of value of housing units can be saved Production operations are expected to save more than 15% of the value of the housing units, which will positively impact the selling price for Libyan youth and families benefiting from this initiative. In light of the above, the letter's action point said ''we hope you (CBL) will kindly schedule a meeting with us (LIU) so we can present a presentation on the industrial companies that will participate in implementing this initiative''. Commenting on the letter, ''The LIU's initiative reinforces the Governor's and the Council of Ministers' initiatives. The goal is to ease the burden on housing programme beneficiaries'', Nuseer explained to Libya Herald . Local factories have international quality certification ''Because most of the project's needs can be manufactured locally, at cheaper and better prices than imported materials – the same quality as imported materials, and even better in some industries. Libyan factories have international and local certifications that enable them to manufacture excellent building materials at a lower price than imported materials'', Nuseer insisted. Saving on need for hard currency drain Stressing the logic of the savings, he added that ''The raw materials are local, and the skilled labour force is partly Libyan. This will in turn limit the drain on hard currency and provide jobs for local youth''. Therefore, ''the LIU decided to participate in this national programme where prices will be very competitive, and payment will be local (in local currency) made on an invoice-by-invoice basis. Local manufacturing and sourcing ''will reduce programme expenses in terms of warehousing, transportation, and security given that the local factory is the project's warehouse''. Affordable housing for youth and families Concluding, Nuseer said ''we will save on currency drain, reduce construction costs and benefit Libyan youth and families by obtaining affordable housing''. . Tripoli based Libyan government plans to complete 150,000 housing units by 2030 CBL workshop on 'The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development' to be held in Tripoli on 13 July ''Made in Libya'', Niamey, Niger 6 to 11 March 2023: to aid exports, transit trade and economic diversification ( Preparations for the second ''Made in Libya'' edition in Niamey, Niger progressing ( Libya prepares for ''Made in Libya 2'' exhibition in Niamey, Niger – exports and transit trade to Africa discussed ( Most of the ''Made in Libya'' exhibition space already allocated: Libya Industrial Union ( Minister of Industry and Minerals discusses cooperation with Military Industrialization Authority and latest preparations for the Made in Libya exhibition ( Libyan Industrial Union to co-organize a ''Made in Libya'' fair in Tunis in September ( Over 150 Libyan companies to participate in ''Made in Libya'' exhibition to be held in Tunis (
Hypebeast
11-07-2025
- Entertainment
- Hypebeast
Larry David Reunites With HBO for New Sketch Comedy Limited Series
Summary Larry Davidis back atHBOfor a new limited series, marking his return to the network after the end ofCurb Your Enthusiasm. Varietyreports that the upcoming project will be 'a sketch comedy limited series about American history.' LD will star in the six-episode show as well as write with Jeff Schaffer, the showrunner, executive producer and regular director onCurb. Schaffer will direct, as well as executive produce alongside David andBarackandMichelle Obamaunder their Higher Ground Productions banner. Vinnie Malhotra and Ethan Lewis will also executive produce. The logline reads, 'President and Mrs. Obama wanted to honor America's 250th anniversary and celebrate the unique history of our nation on this special occasion…But then Larry David called.' 'Once 'Curb' ended, I celebrated with a three-day foam party,' LD said. 'After a violent allergic reaction to the suds, I yearned to return to my simple life as a beekeeper, harvesting organic honey from the wildflowers in my meadow. Alas, one day my bees mysteriously vanished. And so, it is with a heavy heart that I return to television, hoping to ease the loss of my beloved hive.' 'I've sat across the table from some of the world's most difficult leaders and wrestled with some of our most intractable problems. Nothing has prepared me for working with Larry David,' added former President Obama. 'The characters Larry is playing didn't change history. In fact, they were largely ignored by history. And that's a good thing,' Schaffer stated. 'It's hard to remember a time before 'Curb,' or without Larry David's perspective on modern life,' said Amy Gravitt, executive vice President and head of HBO & HBO Max Comedy Programming. 'We're thrilled that Larry is coming back to HBO, this time with Higher Ground, to give us a glimpse at our shared history as we celebrate our Semiquincentennial.' Curb Your Enthusiasmaired for a total of 12 seasons between 2000 and 2024, with long breaks in between. During its run, it garnered over 50 Emmy and Golden Globe nominations. Stay tuned for an official traile and release date.
Libya Herald
01-07-2025
- Business
- Libya Herald
Ministry of Economy warns against currency speculation
The Tripoli based Libyan Ministry of Economy and Trade warned all in Libyan against currency speculation or buying foreign currencies for non-productive or legitimate consumer purposes. In a statement issued last Sunday (29 June), the ministry urged everyone to exercise caution, protect their savings, and not be swayed by market rumours or unofficial recommendations. Economic stability is a shared responsibility, it added, beginning with citizen awareness and ending with the proper implementation of official policies. At the time of publication of this article one USD purchased LD 7.70 on the black-market while the official exchange rate at banks is one dollar to LD 5.5677. The loss of value of the Libyan dinar on the black market is causing a major strain on the Libyan economy. Successive Central Bank of Libya Governors and governments have attempted unsuccessfully to retain the value of the dinar. Libya is a very centralised, undiversified rentier economy depending on hydrocarbon revenues for over 90 percent of its hard currency revenues.
