Libya Central Bank: Letters of credit, families’ dollar allocations excluded from spending cuts

May 29, 2018

The Central Bank of Libya (CBL) has excluded families’ dollar allocations and letters of credit from the decision of cutting 2018 spending.

The CBL said in a statement that the bank bonds are also excluded, in addition to salaries and subsidies.

On Thursday, the CBL called for probing the accusations of corruption included in the Audit Bureau’s 2017 report.

The CBL said in its Thursday statement that it will allow spending for emergency matters and issues related to taking away people’s suffering.

Meanwhile, the Ministry of Finance of the Presidential Council confirmed in a statement that the spending will continues as per the financial measures approved by the Presidential Council, adding that all parties who approved the financial arrangements for the current year has an obligation to implement the decision.

“We hope that the implementation of the financial measures will be carried out transparently and professionally.” It added.

The Audit Bureau’s 2017 report accused state institutions including Presidential Council of spending billions of dinars over the past years, wasting a whole lot of those sums in unjustifiable manners.