The Central Bank of Libya (CBL) reported that the total foreign currency use from January to the end of June amounted to $21.3 billion dollars, while the total foreign currency revenue during that period was $10.1 billion.
Foreign currency usage was distributed with $10.5 billion used by commercial banks, while the state’s total usage and commitments were $10.7 billion. The data showed that state salaries for workers abroad amounted to $84 million, during the first half of this year.
The state’s usage included $1.26 billion for the National Oil Corporation (NOC), $313 million for the General Electricity Company (GECOL), $18 million for education and higher education, as well as commitments to public institutions totalling $8.2 billion.
Meanwhile, the medical supply sector received $242 million, while other entities received $65 million. Additionally, $38 million was allocated for scholarships for Libyan students studying abroad, and $60 million for medical treatment abroad.
In June alone, $45 million was transferred, while only $15 million was spent in the first five months of the year. The CBL also allocated $5.9 billion for documentary credits, $174 million for transfers, and $4.5 billion for personal purposes.
Notably, the CBL reported an impressive revenue total of 49.5 billion dinars for the first half of 2023, underlining a strong financial performance in the country.
In its monthly bulletin, the CBL detailed that oil sales have significantly fuelled the earnings, providing a hefty 33.4 billion dinars. The report also noted oil royalties amassed 4.7 billion dinars, and royalties from prior years culminated in a further 10.3 billion dinars.
Libya’s revenues from taxes were also substantial, reaching 327 million dinars. Customs revenues stood at 96 million dinars, with telecommunications bringing in another 202 million dinars. Additionally, the domestic sale of fuel contributed 120 million dinars to the revenue pool.
The Bank also spotlighted other income sources, totalling 343 million dinars. These included revenues from financial services across Libyan cities, ranging from public service fees to recoveries, passport fees, vehicle registration, penalties, and other levies.
These statistics underscore the key role of the oil sector in Libya’s economy. As the country steers towards sustained stability and growth, a strategic focus on diversifying its income streams will remain paramount.
Known for its rich oil resources, which make up the backbone of its economy, Libya’s oil sector provides a significant portion of its national income. Fluctuations in oil prices or production levels can have a substantial impact on the country’s fiscal health.
Libya’s economy has undergone periods of instability due to political unrest and conflicts in recent years. However, the country has made strides toward economic recovery and the efficient management of its oil resources.
