A new report from the World Bank says the Libyan economy is near collapse as political stalemate and civil conflict prevent it from fully exploiting its sole natural resource: oil. With oil production just a fifth of potential, revenues have plummeted, pushing fiscal and current account deficits to record highs. With the dinar rapidly losing […]
Tag Archives | foreign reserves
Dinar Headed for Fall?
The collapse in Libya's oil revenues has led to a major depletion of the country's foreign currency reserves, and could lead to a devaluation of the Libyan dinar, according to a report from Libya Herald. Over the past year, the currency has fallen from 1.25 to the dollar to 1.37, but on the black market […]
World Bank Warns on Libya Finances
A report published on Thursday by the World Bank focuses on the implications of low oil prices for eight developing countries -- Egypt, Tunisia, Lebanon, Jordan, Iran, Iraq, Yemen and Libya -- and the economies of the GCC (Gulf Cooperation Council). The Plunging Oil Prices report raises serious concerns about Libya's ability to fund its […]
Dramatic Measures to Plug Budget Deficit
The Central Bank of Libya has proposed cutting the country's diplomatic missions abroad and halting foreign scholarships and other state allowances. The move is part of a plan to cut the budget deficit, estimated at 25.2 Libyan dinars ($20.9 billion) last year. A combination of lower oil exports, caused by the continuing conflict in the […]
Libya to Spend $50bn Budget
The Libyan government is to allow its ministries to begin spending the $50 billion budget it submitted to parliament at the start of the year. This, according to Reuters, comes even though lawmakers have not voted on it, and might force the central bank to use more of its reserves as the budget is not […]
Tags: Budget, foreign reserves
Libya Spends $7bn to Cover Lost Oil Revenue
The Deputy Governor of Libya's Central Bank, Ali Mohamed Salem, has told Reuters that Libya has spent $7 billion of its foreign currency reserves to offset the impact of oil strikes, and will have to spend up to $6 billion more this month to keep the country running. If the situation continues, he said the […]
Tags: foreign reserves, oil revenues
Libyan Foreign Reserves Hit $121bn
Libya’s foreign reserves have reached $121 billion, according to a report from Bloomberg. The reserves are said to be enough to cover 50 months of imports. (Source: Bloomberg)
Tags: foreign reserves