Central bank of Libya reports strong finances​​​​​​​​​​​​​​​​

The Central Bank of Libya (CBL) is showing signs of improved financial management and stability, according to a senior financial sector source speaking on condition of anonymity to the Libyan Express.

“The Governor’s strategic initiatives are beginning to yield tangible results, with multiple positive economic indicators emerging,” the source revealed. “We are seeing systematic improvements across several key financial metrics.”

A significant development has been the National Oil Corporation’s (NOC) more consistent transfer of oil revenues to the central bank. “The NOC has established a semi-regular payment schedule for oil revenues, which greatly enhances the CBL’s capacity to manage foreign currency demands and provides more flexibility in state budget administration,” the source explained.

The source also highlighted recent reforms in the fuel sector, noting the suspension of certain fuel exchange programmes. “The termination of these fuel exchange practices has eliminated a significant burden on state resources. These programmes had previously raised concerns due to their lack of transparency and potential connections to corruption,” the source stated.

The improvements come at a crucial time for Libya’s financial sector, which has faced numerous challenges in recent years due to political instability and fluctuating oil prices. However, these positive developments suggest a potential turning point in the country’s financial management.