Libya’s Central Bank: Dbaiba’s Government Spent 56 Billion Dinars in 2023

Libya's Central Bank: Dbaiba’s Government Spent 56 Billion Dinars in 2023
Libya's Central Bank: Dbaiba’s Government Spent 56 Billion Dinars in 2023

The Central Bank of Libya (CBL) issued its monthly financial statement on Tuesday, revealing income and expenditure data from 1 January to 31 August.

During this period, the bank recorded total revenues of 78.2 billion dinars. 59.8 billion dinars were from oil sales, 6.6 billion from oil royalties, 10.3 billion from previous years’ oil royalties, and 371 million from taxes. Customs revenue stood at 163 million dinars, telecommunications brought in 352 million, domestic fuel sales amounted to 120 million, and other revenues tallied up to 448 million dinars.

In terms of expenses, 37.9 billion dinars were allocated for salaries, 6.3 billion for operational costs, 2.6 billion for development, and 14.8 billion for support. Notably, no funds were assigned for emergencies.

A detailed breakdown of the expenditures of various Libyan institutions over the 8 months is as follows:

  • Libyan Parliament: 1.1 billion dinars
  • Presidential Council: 505 million dinars
  • High Council of State (HCS): 59 million dinars
  • General Electricity Company (GECOL): 3.1 billion dinars + an additional 4.5 billion in exceptional financial arrangements
  • National Oil Corporation (NOC): 2.2 billion dinars in exceptional financial arrangements
  • Religious Endowments Authority: 148 million dinars
  • Telecommunications Authority: 25 million dinars
  • Families of martyrs and missing persons: 632.7 million dinars

The Tripoli-based Government of National Unity (GNU), including the cabinet and its associated bodies, had a total expenditure of 56 billion dinars.

Last month, the Governor of the CBL, Al-Siddiq Al-Kabir, alongside Deputy Governor Marai Miftah Rahil, declared that the bank re-established itself as a unified sovereign entity.

During a meeting that included department directors and advisers of the CBL branches in Tripoli and Benghazi, they emphasized their ongoing efforts to address the impacts resulting from previous divisions.

The meeting represents the commitment to unify the CBL, and marks the culmination of endeavours made by national stakeholders supporting this unification.