Libya’s Central Bank said oil revenues transferred to its accounts reached about $671 million between the start of December and 22 December, according to an official statement issued on Monday. The figure highlights ongoing pressure on the country’s foreign currency position at a time of high demand in the local market.
The bank confirmed it is continuing to sell foreign currency on a regular basis and at volumes it says are sufficient to meet domestic needs. It stressed that these operations aim to maintain monetary stability and support economic activity across the country.
The statement follows an earlier announcement by the Central Bank last Thursday that it sold around $2.1 billion in foreign currency between 1 and 16 December. Of that total, $1.5 billion was allocated to letters of credit, $164.8 million to remittances, $334.3 million for personal purposes, and $50.4 million for small traders’ cards.
The bank also disclosed that significant amounts remain pending. Outstanding letters of credit and remittances not yet executed stand at about $1.9 billion, while suspended personal-purpose allocations amount to $388 million, in addition to $23 million linked to small traders’ cards.
According to the same data, oil revenues transferred to the Central Bank between 1 and 16 December totalled only $410 million, underscoring a clear gap between foreign currency sales and actual oil income. Oil exports remain Libya’s main source of hard currency.
Economists say the disparity between FX outflows and oil revenue inflows reflects structural challenges facing Libya’s public finances, including heavy reliance on imports, high public spending, and delays in oil revenue transfers. The Central Bank has repeatedly said it is committed to meeting market demand while trying to preserve stability in the dinar.
The latest figures are likely to fuel further debate over fiscal coordination, spending controls, and the need for a unified economic policy to reduce pressure on Libya’s foreign reserves in the coming period.
