CBL governor said will do his best to fight “war on Libyan currency”

The governor of the Central Bank of Libya (CBL) said he won’t stand and watch the current war that is waged on the Libyan dinar and he is going to interfere with all his authorities to enhance the financial conditions of the country.

In a press conference in Tripoli on Sunday, Al-Siddiq Al-Kabir, the CBL’s governor said cashing out money by the businesspersons from the banks (about 30 billion dinars) has led to a cash crisis in the country and this crisis cannot be resolved by printing new banknotes.

Libya’s oil revenues have collapsed 90 percent between 2012 and last year to $4.8 billion, battered by conflict, oil stoppages, political infighting and low crude prices, he added.

“Oil revenues fell from $53.3 billion in 2012 to $4.8 billion in 2016,” Central Bank director Sadiq Alkabeer told reporters in Tripoli.

He said losses from closures of oil ports, pipelines and oil fields by armed groups, militants or protests had led to losses exceeding $160 billion in the last five years in the country.

The CBL’s governor has also hailed the meeting between the Head of the High Council of State Abdel Rahman Al-Sweihli and the Speaker of the Tobruk-based House of Representatives Agilah Saleh, saying it is a positive step towards settling down Libya’s conflict.

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