NOC: Revenues will not be transferred to the Central Bank of Libya

The Nation Oil Cooperation will not transfer funds until transparency and trust is restored.

NOC expresses a lack of trust in the Central Bank of Libya after a public statement. [Photo: Libyan Express]
In a press release, Libya’s National Oil Corporation (NOC) confirmed that it will not be transferring revenue funds to the Central Bank of Libya due to a lack of trust and transparency in the bank.

“Revenues will not be transferred to the Central Bank account until the bank has clear transparency with the Libyan people about the manner of distributing oil revenues during the previous years and those who have benefited from these revenues in foreign currency, which exceeded ($186) billion US dollars in the past nine years.”

NOC also added: “Holding the revenues in the accounts of the Libyan Foreign Bank is temporary until a comprehensive political settlement is reached with one of its most important goals being the fair distribution of revenues between all cities and villages in Libya.”

The NOC’s press release comes as a response to claims made by the central bank in a statement issued on November 19th, that the Oil Corporation has provided inaccurate data when it comes to revenue and expenditure for years now. The NOC also vehemently denied the fallacies and misinformation in the statement on revenue and expenditure from January to October of this year.

The Oil Corporation noted that the actual oil revenues during the period from 1-1-2020 to 31-10-2020, which is held by the Central Bank of Libya (CBB), reached 3.7 billion US dollars, or 5.2 billion Libyan dinars, according to the official exchange rate, not as reported by the Central Bank. Compared to the actual revenues during the period, which was worth 5.0 billion Libyan dinars, it is clear that a surplus of 200 million Libyan dinars is not a deficit of 2.6 billion Libyan dinars, as stated in the bank’s statement, which may have been due to the bank’s non-calculation of the January 2020 receipts of 2.5. Billion Libyan dinars.

NOC concluded its statement by saying “The central bank is in a state of disorder, and we ask it to correct its statement immediately or the National Oil Corporation (NOC) will resort to the officials of the Public Prosecutor’s Office.”

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