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Libya’s Forex Gap Widens Despite Oil Revenues

June 7, 2025
Libyan Central Bank: Foreign Trade Rises by 35% Over 4 Years
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The Central Bank of Libya (CBL) announced a foreign currency deficit of $4.7 billion in the first five months of 2025, according to a detailed financial statement published Thursday on its official Facebook page.

The CBL reported that foreign currency revenues from January 1 to May 31, 2025, totaled $9.5 billion, while total foreign exchange uses and outstanding obligations reached $14.2 billion, leading to the sizable deficit.

Breakdown of Foreign Currency Use

According to the report, foreign currency usage was split between:

$2.24 billion through the Central Bank

$11.94 billion via commercial banks

Central Bank Allocations

The Central Bank’s spending included:

$163.7 million on salaries of Libyans working abroad

$200.4 million to the National Oil Corporation (NOC)

$304 million to the General Electricity Company

$546.5 million in credits and transfers for various public institutions

$188.6 million for the Medical Supply Organization

$46.5 million in student stipends for Libyans studying overseas

$5.1 million allocated for overseas medical treatment

$128.4 million for the Housing and Infrastructure Projects Authority

Commercial Bank Usage

Spending via commercial banks was led by:

$6.29 billion for letters of credit

$242.5 million in bank transfers

$5.38 billion for personal use

$34.5 million through small trader debit cards

The report underscores the pressure facing Libya’s foreign currency reserves amid ongoing high demand for foreign exchange and state-funded imports, especially with oil revenues serving as the country’s primary income source.

Tags: cblCentral BankFacebookForexlibya
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