Governer of CBL: Al-Serraj wanted to sell Libya’s gold reserves

  • Libyan Express |
  • Thursday 27 October 2016


The Governer of the Central Bank of Libya, Al-Seddiq Al-Kabeer, revealed Wednesday that the Prime Minister of the Government of National Accord and Head of the Presidential Council, Fayez Al-Serraj, demanded the selling of Libya’s gold reserves in order to solve the cash tragic crisis in Libya.

“We rejected such a demand as it would rid us of strategic reserves, without them, Libya’s last economic defense can collapse.” CBL Governer indicated.

He added that even if the whole gold reserves were sold out, they won’t cover more than four months of the cash Libyans need.

“Al-Serraj also called for selling the foreign currencies, which I tell him it doesn’t exist due to the halt of oil exportation as it used to be the only source of foreign currency.” Al-Kabeer said, adding that importing foreign had stopped right after the robbery of money in Sirte in December 2013.

He also expressed bewilderment over the calls for altering the exchange prices as this proposal had been suggested by the CBL to the Presidential Council last June.

“We proposed a comprehensive plan for the alteration of the exchange rates so that the whole economic system in Libya can be treated and thus give out the expected results, yet the Presidential Council rejected.” Al-Kabeer concluded.

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