Latest news with #CentralBankofLibya
Libya Herald
a day ago
- Politics
- Libya Herald
187 new security posts taken over from militias – PM declares victory for the state as all vital Tripoli sites come under its exclusive control for the first time since 2011
Tripoli based Libyan Prime Minister, Abdel Hamid Aldabaiba hailed that what has been achieved by enabling the Ministry of Interior to secure the capital Tripoli on its own is a real victory for the state, which has not happened since 2011. He stressed that this achievement would not have been possible without the elimination of the largest outlaw groups (militias), and everyone's compliance with the state's procedures and its project to establish a sovereign state. Tripoli's new Security Arrangements Plan Aldabaiba was speaking on Wednesday while chairing an expanded security meeting in Tripoli to follow up on the implementation of the new Security Arrangements Plan in the capital, in the presence of Acting Interior Minister Emad Trabelsi, Undersecretary of the Ministry of Interior for Security Affairs Mahmoud Saeed, Tripoli Security Director Khalil Ohiba, and a number of security leaders. The new Security Arrangements Plan for Tripoli entails Ministry of Interior or Ministry of Defence forces taking over the securing of key government ministries and sites such as the Central Bank of Libya, the Audit Bureau and all the ministries, from militias. In the longer term it entails pushing all militias to the outer perimeter of Tripoli to protect civilians (and their property) from being caught in the crossfire of possible state v militia or militia v militia clashes. Successive governments since the 2011 revolution (that ended the 42-year Qaddafi regime) have attempted to impose their will on the militias by taking over this task but have been too weak or unsuccessful. No room for revolutionary warlords and leaders in regular forces Aldabaiba said: 'The era of Sheikh and Hajj (tribal and holy leaders) in our security and military services is over, and there is no place in the (security) ranks except for those who are qualified, disciplined, subject to authority, and servants of the law alone.' Aldabaiba here was sending a message to militias such as those led by a popular or warlord leader and to the powerful Abdelrauf Kara, the head of the Special Deterrence Force (SDF / RADA), who considers himself and is considered by his devout followers a Salafi religious leader. Kara controls Mitiga prison where he is accused by the international community of permitting human rights abuses. His presence on Mitiga airport is also a latent threat to the airport itself. A new maturity of the Interior Ministry in dealing with demonstrations? Continuing, Aldabaiba added that the demonstrations that took place in the capital during the past period passed without any attack, harassment, arrest or prosecution, which reflects the maturity of the Ministry of Interior and its deep respect for public freedoms and citizens' natural rights to peaceful expression. Police, Defence Ministry and Internal Security coordination For his part, Interior Minister-designate Emad Trabelsi reviewed the new security arrangements plan, stressing that the ministry is working according to a clear vision to extend security, enhance the deployment of police stations, and ensure effective coordination with the Ministry of Defence and the Internal Security Agency. Trabelsi stressed their commitment to implementing the Security Plan in accordance with the instructions issued by the Presidency of the Council of Ministers, and to ensure the protection of citizens and state institutions. 187 new security posts secured from militias Tripoli Security Director Major General Khalil Ohiba also confirmed that the field plan included 187 new security posts, implemented in the sites previously occupied by armed formations (militias). He said that the redeployment was carried out in a deliberate manner to secure the capital's locations, end any security vacuum, and fully extend the authority of the state. Plan needs continued government and public support The attendees at the meeting stressed that the success of the Security Plan depends on the continuation of political and administrative support for the security authorities, and strengthening citizens' confidence in their regular institutions. . The Interior Ministry had spent LD 50 billion in 13 years with no result: Acting Interior Minister Trabelsi Nearly 1 million crimes reported to police stations – confirms urgent need to dissolve all parallel security agencies / militias
Libya Observer
2 days ago
- Business
- Libya Observer
Electronic Payment Forum conducts scientific session on cybersecurity and data protection
Activities continued Tuesday in Tripoli at the 2025 Electronic Payment Forum and Exhibition, organized by the Central Bank of Libya, featuring several scientific sessions and panel discussions. As part of the forum's agenda, a specialized scientific session titled 'Cybersecurity and Data Protection' was held, with participation from a select group of experts and specialists in the field, supported by the Central Bank of Libya. The session focused on several vital topics related to enhancing the digital infrastructure of banks, growing cybersecurity threats, and modern controls for safeguarding banking information and data. Speakers highlighted the importance of building robust information security systems amid the accelerating shift to digital financial services, stressing the need to improve the skills of national personnel and update security policies in the banking sector. This session is part of the forum's scientific program organized by the General Authority for Exhibitions and Conferences, with broad participation from commercial banks, electronic payment companies, and high-level local and international attendees. Tags: Electronic Payment Forum
Libya Observer
4 days ago
- Business
- Libya Observer
CBL Governor announces launching Libya's national financial inclusion strategy 2025-2029
The Governor of the Central Bank of Libya (CBL), Naji Issa, announced the launching of the National Financial Inclusion Strategy for Libya 2025-2029, along with a number of transformational projects, during his speech at the opening of the first edition of the Electronic Payment Exhibition and Forum held at the Tripoli Fairgrounds. In his remarks, Issa emphasized that the National Financial Inclusion Strategy, prepared by the Central Bank with national expertise, represents a national, ethical, and professional commitment to all segments of society, according to a statement published by the Central Bank on its Facebook page. The Governor explained that the strategy aims to provide safe, affordable, and easily accessible financial services, while ensuring strict protection of personal data. He also announced the launch of several major accompanying projects that will pave the way for a modern digital economy that is more equitable and inclusive, while enhancing financial stability and development in Libya. Economy Tagged: Electronic Payment Forum
Libya Herald
4 days ago
- Business
- Libya Herald
CBL Governor Issa launches transformational financial projects, including National Strategy for Financial Inclusion
The Governor of the Central Bank of Libya, Naji Issa, announced the launch of the National Strategy for Financial Inclusion and several other transformational projects during the opening of the Electronic Payment Forum and Exhibition ''EPAIX'' 2025 yesterday. The forum is being held from 15 to 17 May at the Tripoli International Fairgrounds. During his opening speech at the forum the CBL Governor announced that the National Strategy for Financial Inclusion in Libya 2025-2029 represents a national, ethical and professional commitment towards all segments of society. The Governor stressed that the strategy, prepared by the Central Bank with national competencies, aims to provide secure, affordable, and easily accessible financial services, with strict protection of personal data. He also announced the launch of several accompanying major projects, most notably: • Financial inclusion accounts project targeting financially excluded groups • Banking data protection system to ensure the confidentiality and privacy of individuals' information • Supporting the digital transformation of the country by fully digitizing government payments • Localization of foreign exchange payment infrastructure under the supervision of the Central Bank • Preparing a legal and technical framework for working with digital and cryptocurrencies • Launch of the digital banking identity to facilitate electronic transactions • Providing internal financial transfers through a national platform without the need for a bank account. The Governor concluded his speech by stressing that these projects pave the way for a modern, fairer and more inclusive digital economy that enhances financial stability and development in Libya. Tags: CBL Central Bank of LibyaCBL Governor Naji Issae-payment e-payments
Libya Herald
5 days ago
- Business
- Libya Herald
Libya's economic reality: limited resources, liquidity challenges, inflation, and need for monetary base restructuring
Leading Libyan businessman Husni Bey told Libya Herald that the economic reality in Libya is limited resources, liquidity challenges, inflation, and the need for immediate monetary base restructuring. He said Libya is a country suffering from accumulated economic crises, evident in a clear misunderstanding of its financial resources, and the resulting impacts on the exchange rate of the dinar and inflation. The Reality of Libya's Financial Resources Bey said many Libyans believe that the country's resources are unlimited and that the Central Bank of Libya has the capacity to fully cover government spending. However, the reality shows that the state's resources are limited, and government deposits at the Central Bank are known and tied to its actual resources. Moreover, the actual dinars held by the Central Bank do not exceed its capital, estimated at only 1 billion dinars. The rest of the dinars are nothing but 'money creation to cover monetary deficits.' Funding the Deficit and Its Impact He explained that when the Central Bank resorts to funding the government deficit through creating new money, a process called 'monetary financing of the deficit,' this option comes at a high cost: the loss of the dinar's purchasing power and rising inflation rates, leading to excessive price increases. Criticisms and Risks Bey said he rejects the idea that government resources and the resources of the Central Bank of Libya are unlimited. The truth is that any financing of a budget deficit results in inflation, which citizens pay for directly—either through rising prices or the collapse of the national currency's value. In the same context, talk about the resignation of the Central Bank governor reflects the level of pressure and challenges faced, especially considering the failure of current economic policies. Reform Options To address this crisis, Bey said the Central Bank's Board of Directors has two main options: Option one: Be transparent with the people, explaining the economic situation openly, considering that not accepting the truth could lead to a greater collapse, characterized by hyperinflation and a breakdown of the exchange rate. Option two: Work on unifying the budget and public spending, reducing dependence on unplanned expenditures—particularly on salaries, fuel derivatives, subsidies, and operational expenses—which together exceed 174 billion dinars. There is also a need to allocate real resources to the development sector, including oil, gas, electricity, and infrastructure. Liquidity Problems and Their Causes The liquidity shortage is not new, Bey explained. He said it has recurred since 1980 and peaked in 2017 when 1,000-dinar cheques were exchanged for 700 dinars in cash (a 40% discount). The disappearance of the cash and liquidity is due to the structure of the present monetary base and the dynamics of the Central Bank—especially regarding the amount of debt owed to the public, holders of cash notes, and the legally required reserve (30%, roughly 31 billion dinars). The reserve held, he explained, unfortunately exceeds 59% or over 50 billion dinars, the reserve being over the legal limit by 65%, an excess or additional 19 billion dinars held as reserves by commercial banks at the Central Bank. The increase in frozen reserves by 19 billion making part of the monetary base thus exceed 50%, has led to a liquidity shortage, causing a loss of trust between banks and clients, undermining a healthy monetary cycle, and encouraging defensive behaviour in the financial system. Proposed Solution Bey says experts call for the restructuring of the monetary base, which has become an urgent necessity. This simply means changing the composition of the monetary base on which the Central Bank relies to create money, reducing dependence on the frozen additional reserves, and enhancing its role in injecting targeted liquidity into vital sectors—not just to cover cash withdrawals. Possible Measures Bey says the possible measures are: To encourage banks to invest their deposits effectively, with temporary sovereign guarantees, to liberalize the exchange rate to reduce speculative demand for foreign currency, and to relieve pressure on the dinar. Summary In summary, Bey says inflation and the collapse of the dinar can only be stopped by ending the fiscal deficit and refraining from financing it through monetary finance means: new money issuance. Restructuring the monetary base is essential, as it is key to improving liquidity and stabilizing the availability of cash and currency. Bey says these challenges require collective awareness and bold measures to ensure real economic stability that benefits the people and rebuilds trust in the national economy. As we can read from very recent developments, he points out, it seems the Central Bank of Libya has already begun reforms through the restructure of the monetary base in 2025. That's why we saw a relative cash easing before the Eid al-Adha holiday.
