Libya’s Oil & Gas Revenues Plummet as CBL records LYD 380 mln in February

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The Central Bank of Libya (CBL) announced on Monday that the country’s oil & gas revenues for January and February amounted to LYD 380 million ($275 million).

The CBL’s latest statistical bulletin added that other revenues amounted to LYD903 million, while revenues from foreign currency purchase fees reached LYD 6.1 billion.

Meanwhile, the state’s total expenditures amounted to LYD 450 million, with operational expenses receiving LYD 5 million and subsidies LYD 445 million. Funds for state-sector wages and development projects have both been frozen. 

The CBL confirmed that the 2020 state budget was set at LYD 38.5 billionn, awaiting approval by state authorities in Tripoli.