No Result
View All Result
Sunday, June 26, 2022
31 °c
Tripoli
32 ° Mon
32 ° Tue
31 ° Wed
31 ° Thu
  • Advertising
  • Contact
LibyaHerald
 
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Libya

Audit Bureau accuses CBL of damaging Libyan economy: Audit Bureau 2017 Annual Report

bySami Zaptia
May 28, 2018
Reading Time: 2 mins read
A A
Audit Bureau accuses CBL of damaging Libyan economy: Audit Bureau 2017 Annual Report

The Audit Bureau has accused the Tripoli-CBL of damaging the Libyan economy through its austerity policies (Photo: Audit Bureau).

13
SHARES
57
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

The Audit Bureau has accused the Tripoli-CBL of damaging the Libyan economy through its austerity policies (Photo: Audit Bureau).
The Audit Bureau has accused the Tripoli-CBL of damaging the Libyan economy through its austerity policies (Photo: Audit Bureau).

London, 28 May 2018:

The Libyan Audit Bureau said that despite increased oil production and increased oil revenues into the Libyan state coffers, this increase was not used to improve the economic conditions of the country. The claim comes in the Audit Bureau’s 2017 Annual Report.

This it blames on the ‘‘austerity policy followed by the Central Bank of Libya’’ which it says chose to allocate only US$ 8.9 bn rather than the US$ 17.9 bn that had been agreed by all parties for the 2017 ‘‘Financial Arrangement’’ (budget).

This tightening of the volume of hard currency allocations by the CBL was the cause of the rise of the black-market rate of US dollar to LD 9.5 per dollar in December 2017, the Audit Bureau says. This decision proves the premeditated austerity economic policy pursued by the CBL, adds the Audit Bureau. It said that more ‘‘balance’’ could have been achieved in the black-market if more ‘‘wise and organized’’ policy was pursued in the use of official hard currency.

RELATED POSTS

Exclusive: There is no free meal in life and the Libyan people will finally end up paying the cost for all of Mr Aldabaiba’s freebies – he keeps on promising right, left and centre within Libya and beyond its borders: Husni Bey

Aldabaiba proposes new Road Map for holding elections, loans and land for youth and money for healthcare for war wounded

This ‘‘lack of initiative’’ by the CBL has caused serious damage to the economy in the following 10 ways:

  1. Depreciation of the state’s foreign currency reserves without achieving tangible effects on the economy.
  2. Profiteering by and empowering of black-market foreign currency traders.
  3. Encouraging the spread of corruption in society.
  4. Exhausting of resources and spreading the phenomenon of hoarding/profiteering.
  5. Inflation and general price rises.
  6. Smuggling of public funds through fake imports.
  7. Smuggling of imported goods as a result of price differential with other states.
  8. Inequality in the distribution of foreign currency for commercial and private purposes.
  9. Lack of balance in importing different goods with a concentration on certain items that are easier to store and smuggle.
  10. Lack of attention to development/projects needs for both public and private sector.

 

Audit Bureau releases its 2017 Annual Report

 

CBL blames Ramadan food shortages and price rises on Audit Bureau intervention

 

Audit Bureau expresses concern over Ramadan food shortages due to delayed procedures by PC

 

Audit Bureau and Attorney General’s Office to investigate delayed LCs, high commodity prices and high foreign exchange rates

 

Audit Bureau calls on PC to freeze its decision to approve $ 1.5 bn worth of imports by CAD

 

Audit Bureau calls on CBL to speed up the opening of stalled LCs for essential goods

 

Tags: Audit Bureau 2017 Annual Reporteconomyfeaturedhard currency foreign exchangeTripoli CBL Central bank of Libya
Share5Tweet3Share1

Related Posts

Sanalla warns NOC budget must not be politicized
Libya

Aldabaiba agrees to replace Sanalla as head of NOC: News and analysis

June 24, 2022
Salaries to be withheld for SSC members
Libya

Interior Ministry denounces fatal Tripoli militia clashes and road closures

June 24, 2022
UNDP and USIP workshop on reunification of Libyan institutions
Libya

UNDP and USIP workshop on reunification of Libyan institutions

June 24, 2022
UN Secretary General calls for stability, early elections, and critical decisions to be taken in a transparent and consensual manner
Libya

UN urges refrain from using LPDF’s 22 June expiration date as tool for manipulation

June 23, 2022
UNSMIL: Warring parties invited to begin negotiations on 29 September
Libya

HoR Speaker Saleh and HSC head Mishri to officially meet at last: UN’s Stephanie Williams

June 23, 2022
Public Prosecutor to investigate alleged Saadi Qaddafi torture video
Libya

Attorney General orders arrest of Sahara bank employees for embezzling LD 2.38 million

June 23, 2022
Next Post

CBL confirms decision to freeze non-essential spending until allegation of its mismanagement of public funds are investigated

HSC confirms conditional attendance of Paris conference

HSC confirms conditional attendance of Paris conference

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Malta-based Libyan carrier Med Sky to start chartered flights from Misrata to Malta from 5 May

    Malta-based Libyan carrier Med Sky to start chartered flights from Misrata to Malta from 5 May

    581 shares
    Share 232 Tweet 145
  • Two leading Tripoli militias clash in town centre

    484 shares
    Share 200 Tweet 119
  • Hafter’s representatives in the 5+5 Joint Military Commission announce suspension of their participation in the commission

    378 shares
    Share 157 Tweet 92
  • Bashagha reveals proposed government of 41 – with 30 ministers and 8 ministers of state

    364 shares
    Share 148 Tweet 90
  • Bashagha enters Tripoli briefly before being forced to exit swiftly in the face of determined militia opposition

    354 shares
    Share 142 Tweet 89
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Tripoli Chamber signs a protocol with Alexandria Chamber of Commerce

Libya Renewable Energy & Energy Efficiency Technologies: Misrata, October 2022

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    No Result
    View All Result
    • Login
    • Sign Up
    • Cart
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?