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Proceeds of selling foreign exchange amounted 12 billion dinars: CBL Governor

The Address | Benghazi – Libya

TRIPOLI – The governor of the Tripoli-based Central Bank of Libya (CBL), Sadiq al-Kabir, said that the proceeds of the fees imposed on the sale of foreign exchange reached 12 billion dinars since its adoption more than two months ago.

These funds are deposited in the Central Bank of Libya and would be spent on development projects in accordance with the agreement with the Tripoli-based Government of National Accord (GNA), he added.

Al-Kabir said that CBL was with the imposition of temporary fees until the situation stabilizes and then should move to the next step in comprehensive reforms.

The Governor warned that the monetary, financial and trade reforms would not be consistent, which would lead to the failure of the reforms.

He added that improving local economy was due to higher oil prices and improved production, refusing to disclose the value of foreign exchange reserves of CBL.

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