Libya expected to have no budget deficit in 2018, central bank governor says

October 25, 2018

The governor of the Central Bank of Libya (CBL) Al-Siddiq Al-Kabeer said the country would have a zero deficit rate in 2018 budget.

On the margins of the Libyan British Business Council (LBBC) in Tunisia, Al-Kabeer added Tuesday that Libya's oil output had improved and inflation has dropped convincingly.

'Libyan dinar has healed a bit in the parallel market against foreign currencies. We hope its exchange rates will gain more in the coming weeks.' He explained.

Al-Kabeer said that there has been a delay in allowing the personal, study and treatment money transfers to work in the commercial banks, adding that he and the banks' administrations had agreed to speed the process in the coming weeks.

'Letters of credit and goods importation transactions are going smoothly after evaluation of the CBL despite discrepancies after the stealing of a vital system, which will be retrieved soon.' Al-Kabeer explained.

He indicated that the next months will see some efforts aimed at boosting the economy of the country, including supporting the electricity company, national oil cooperation (NOC) and the rest of the vital institutions.

'We will meet with the NOC next Sunday to see through its necessities for the rest of this year and next year so it can work comfortably.' Al-Kabeer further added.

Al-Siddiq Al-Kabeer, the Chairman of National Oil Corporation Mustafa Sanallah and UK’s ambassador to Libya Frank Baker, and other stakeholders attended LBBC in Tunisia on Tuesday.

libyaobserver