Tag Archives | Central Bank of Libya (CBL)

Central Bank to Abolish Subsidies

The Central Bank of Libya (CBL) has agreed to remove direct subsidies on fuel, foodstuffs and medicines, according to a report from Libya Herald. The changes are to be phased in from early next year over a period of a year or more, with compensating payments LD 70 being paid into the bank accounts of […]

Tripoli Courts Oil Majors

The Tripoli-based National Oil Corporation (NOC) held a series of meetings with a group of global refineries in the Mediterranean area and with a major oil companies last week in London. The first meeting was with BP, followed by meetings with more than 20 partners, customers, Libyan crude refiners and fuel suppliers. According to a […]

IMF Recognises Hibri as CBL Governor

The International Monetary Fund (IMF) has reportedly said it has recognises the central bank governor named by Libya's internationally recognised government as its sole contact, and has ended ties with a rival bank chief in Tripoli. The Tobruk-based government dismissed the Tripoli-based governor Saddek Omar Elkaber [al-Sadiq al-Kabir] last year, leaving deputy governor Ali al-Hibri […]

Foreign Reserves Fall Sharply

The Tripoli-based Libyan Audit Bureau (LAB) has said that the Central Bank's foreign reserves fell from $105.9 billion at the start of 2014 to just $76.6 billion at the end of the year. In its report for 2014, the LAB warns that the dramatic fall in oil revenues, combined with continued spending, could mean that […]

Rival NOC 'Likely to Fail'

Reuters reports that Libya's internationally recognised government in Tobruk is unlikely to succeed in its plans to have all oil exports paid for through a new state oil firm it is setting up in the east. Currently, both of the rival governments fund their respective armies with export revenues collected by the National Oil Corporation […]

EU Stresses Independence of NOC, CBL

Following a meeting of its Foreign Affairs Council on Monday, the European Union has issued a statement welcoming the progress of the political dialogue, and stressing that the independence and proper functioning of the Central Bank of Libya (CBL), National Oil Corporation (NOC) and other key financial institutions must be preserved and protected: The EU […]