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Sarraj supports Turkish lira with billions at the expense of the Libyan people – Al-Arab newspaper

The Address | Benghazi – Libya

The London-based Al-Arab newspaper revealed that the Tripoli-based Government of National Accord (GNA) pumped 4 billion dollars in the Turkish Central Bank, to rescue the tumbling Turkish lira, noting that the Libyans are suffering from a lack of liquidity.

The newspaper also indicated that the National Oil Corporation (NOC) in Tripoli sends oil revenues to the Tripoli-based Central Bank of Libya (CBL), which mainly works with GNA.

Protesters had shut down oil ports in mid-January, in protest against GNA’s use of oil money to lure Syrian mercenaries to fight alongside its armed groups against the Libyan National Army (LNA) forces in western Libya.

On Thursday, the UN envoy to Libya, Ghassan Salame, said, “He held talks with the tribal leaders who were behind the siege of the oil ports and awaiting their response.”

The Turkish lira has lost more than 30 percent of its value against the US dollar during the past two years, and despite Qatar’s pledge to pump 15 billion dollars into the Turkish treasury, the bleeding of the lira has not stopped.

Libyan banks in general suffer from a liquidity crisis, and during the past year reached great levels, which stopped some aspects of life and the economy, and GNA did not act to resolve the crisis.

Ramzi Al-Agha, head of the Liquidity Crisis Committee at the Central Bank of Libya, revealed on Saturday that CBL in Tripoli transferred 4 billion dollars of its cash reserves over the past few days to the Turkish Central Bank as a deposit without obtaining a return on it.

Al-Agha explained that the deposit will increase the reserves of the Turkish Central Bank of foreign currency, and this will have a positive impact on the stability of the exchange rate of the Turkish lira, as this deposit will be a guarantee of the agreements concluded between the Turkish side and GNA with regard to the supply of weapons and drones.

He pointed out that it will be a guarantee of the costs of treating the wounded militia militants, as well as the restoration of “the rights” of Turkish companies that owned project contracts inside Libya before the 2011 events in Libya when their implementations were stopped.

Turkish President Recep Tayyip Erdogan demanded recently to compensate his country’s companies.

As GNA spends money to attract Syrian mercenaries and others to fight in its ranks, the General Commander of LNA, Field Marshal Khalifa Hifter, who is supported by the Libyan tribes, is leading a battle to liberate the capital Tripoli from the grip of the militias.

The financial transfers of the Turkish Central Bank prove the positions of the Libyan tribes, which stipulated the lifting of international legitimacy for the Fayez al-Sarraj government (GNA) in exchange for the reopening of the oil fields and the ports they control.

Earlier, the Tripoli-based NOC announced that oil production fell from 1.2 million barrels per day to 32 thousand barrels, noting that oil production fell by 75 percent after the closure of the main oil ports in eastern Libya.

It emphasized that the financial losses amounted to $ 256.6 million as of January 23, calling for “an end to the closure and allowing it to resume production immediately.”

The London Arab newspaper believes that the closure of oil fields is considered the most serious blow to GNA since 2011, especially as it is the result of a popular movement led by influential tribes in the sites of production and export, which accuses GNA by wasting oil revenues in attracting mercenaries, arms smuggling, financing militia and warlords, in an attempt to counter the advancement of LNA.

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