Libya’s Central Bank raises the red flag over terrible economy

BY Libyan Express Nov 15, 2017 - 21:02 Updated: Nov 15, 2017 - 21:53

The Governor of the Central Bank of Libya (CBL) Al-Seddiq Al-Kabir, has revealed a group of reforms to save the “terrible economic” conditions in Libya.

In a presser on Tuesday, the CBL’s governor said that Libya lost about 160 billion dollars due to the closure of oil pipelines, adding that the budget deficit in Libya amounted to 200% of the country’s revenue.

Al-Kabir also said that the CBL experts have come to a group of reforms based on research and data compiling over the last five months, hinting at scrapping fuel subsidies and raising the rates of the official exchange of the Libyan dinar to the dollar from 1.40 to 3 or 5.75.

The CBL governor said that the Libyan financial and economic situation is

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