Libya’s January oil revenues down to LD 111 million and losses of LD 2.5 bn due to political oil shutdown

By Sami Zaptia.

London, 11 February 2020:

Libya’s January oil revenues were down to LD 111 million and losses of LD 2.5 bn, the Tripoli Central Bank of Libya (CBL) reported in its monthly bulletin yesterday.

The shutdown has been blamed by the internationally recognized government in Tripoli on Libyan National Army (LNA) commander Khalifa Hafter.

The CBL says the shutdown threatens the financial, economic and political situation in Libya and caused for its immediate end.

It reported that spending for January was down to LD 100 million while revenue from the foreign currency sales levy were LD 2.319 bn. There were, however, oil revenues from December 2019 received in January of LD 2.471 bn.

The CBL complained that the 2020 budget had not been agreed yet despite it making repeated calls for it since September 2019 and despite it presenting a proposed budget in 2019.

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