Archive | Banking & Finance

Libyan Parties Agree on Unified National Budget

Libyan parties agree on a two-month unified National Budget and Work to Address the Banking Crisis This week, two important decisions were taken that will positively affect the economy and create momentum towards unifying the national financial institutions. On 3 February 2021, the Council of Ministers promulgated a two-month interim budget for 2021. This is […]

Libya lost 92% of Oil & Gas Revenues in 2020

From Middle East Monitor, under a creative commons licence. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Libya Business News. Official statistics have shown that Libya's oil and gas revenues decreased by 92 per cent last year, as the blockade imposed for months on oil facilities […]

UK Libya Sanctions Guidance

Libya (Sanctions) (EU Exit) Regulations 2020 The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, is responsible for improving the understanding, implementation and enforcement of financial sanctions in the United Kingdom. OFSI publishes a list of individuals and organisations subject to financial sanctions as well as general guidance to promote compliance. Click here […]

CBL Devalues Libyan Dinar

By John Lee. The Central Bank of Libya (CBL) has devalued the Libyan dinar. At its first meeting for 2020, the bank's board of directors unanimously agreed to a new exchange rate of 4.48 dinars to the US dollar. The new rate will come into effect from 3rd January 2021. The previous official exchange rate […]

NOC and LIA discuss Cooperation

By John Lee. On Sunday, December 6, 2020, the Chairman of the National Oil Corporation (NOC), Mustafa Sanalla, met with Dr. Ali Hassan Mahmoud, Chairman of the Libyan Investment Authority (LIA), in the presence of some of the advisors, legal professionals and specialists in the relevant departments of both parties. During the meeting, several topics […]

NOC to Withhold Oil Revenue from Central Bank

By John Lee. Libya's National Oil Corporation (NOC) has said that oil revenues will not be transferred to the Central Bank of Libya (CBL) "until the Bank has a clear transparency in front of the Libyan people regarding the mechanism of spending the oil  revenues during the last years." The move follows a public disagreement […]