Libyan oil revenue drops to 11.2%, Central Bank says

Libyan Central Bank (CBL) [Photo: Internet]

Libya’s oil revenue dropped 11.2% to 14.3 billion dinars ($10,2 billion) in the first six months of 2019, compared with the same period last year, the Libyan central bank said on Monday.

The bank said in a statemen that oil represented 92.8% of the country’s total income during the period.

Revenue from foreign exchange fees stood at 11.1 billion dinars, the bank said in a statement.

It also listed on a chart an allocation of $2.096 billion for state oil firm NOC.

Public sector employees’ salaries accounted for 55.6% of total spending at 9.9 billion dinars during the first half of 2019, while subsidies represented 19.4% of total state spending equivalent to 3.483 billion dinars.

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