No Result
View All Result
Wednesday, February 1, 2023
14 °c
Tripoli
14 ° Thu
14 ° Fri
14 ° Sat
15 ° Sun
  • 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 Business

Cash availability and cash withdrawal limits to rise within two weeks: CBL official

bySami Zaptia
January 12, 2021
Reading Time: 3 mins read
A A
14
SHARES
61
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

Liquidity and cash withdrawal limits should increase within the next two weeks (Photo: Sami Zaptia).

London, 11 January 2021:

A member of the Central Bank of Libya’s (CBL) Exchange Rate Adjustment Committee, Misbah Al-Akkari, expects cash availability and withdrawal ceilings to rise in all Libyan banks in the coming days.

Speaking to Libyan media yesterday after local private bank, Aman Bank, announced that it was raising its cash withdrawal limit for customers to LD 10,000 per month, Akkari forecast a noticeable improvement in liquidity within the next ten days to two weeks.

Premium charge for cash to disappear

RELATED POSTS

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

Cooperation agreements reached between Libyan and the Greek pharmaceutical and medical companies: Tripoli Chamber of Commerce

He also anticipated that the unofficial premium currently being charged for cash as opposed to cheques, would disappear. The premium had reached 20 percent.

That is, if a customer has money in his account and wants to withdraw LD 100,000 out of it, they would write out a cheque for 100,000 but only receive LD 80,000. The LD 20,000 would be the premium for receiving cash. The transaction is conducted through an ‘‘intermediary’’ rather than a bank employee.

It can also be transacted through an ‘‘intermediary’’ in the foreign currency black market, who in turn can deal through a bank employee.

Continued oil exports determine supply of U.S. dollars

With regards to the new unified devalued LD exchange rate of LD 4.48/dollar, Akkari explained that a study by the CBL indicates its ability to provide dollars to customers at this price in the event of continued oil production and exports, especially in light of the relatively high current global oil prices.

It will be recalled that on 16 December, the reunified Board of Directors of the CBL had issued a decision to unify the exchange rate of the Libyan dinar, so that its price against the SDRs would be 0.1555, equivalent to LD 4.48 dinars per dollar effective as of 3 January.

This new unified official exchange rate will apply to all governmental, commercial and personal uses of foreign exchange, doing away with the historic multi-exchange rates that had been the subject of much corruption and abuse.

LD devaluation will decrease prices by 35-45 percent

It will also be recalled that Akkari, former chairman of Libya’s largest bank, Jumhuriya bank and member of UNSMIL’s Libyan Economic Dialogue, had said at the end of December that prices of goods and services in Libya would decrease this year from 35 to 45 percent.

He had also forecast that citizens would enjoy an increase in their purchasing power because of the end of the hard currency black-market as a result of the devaluation and unification of the Libyan dinar’s official exchange rate starting on 3 January.

Need for reform policies to complement devaluation

Akkari also stressed that amending the official LD exchange rate was not enough to solve Libya’s economic problems, but that a set of reform economic policies had to be put in place in parallel with the LD devaluation.

 

Prices will decrease by 35-45 percent because of dinar devaluation: CBL expert | (libyaherald.com)

 

 

 

 

UNSMIL congratulates CBL on unification of exchange rate | (libyaherald.com)

 

At Geneva Libyan economy reform meeting, UNSMIL calls for critical decisions within two days | (libyaherald.com)

The Maetig-Hafter proposal to resume oil exports: Analysis | (libyaherald.com)

 

Hafter announces he will permit restart of oil production and exports, but fails to withdraw forces and mercenaries from oilfields | (libyaherald.com)

 

CBL: LD 3 bn in FX smuggling, money laundering – accuses local banks of corruption | (libyaherald.com)

LD 100 bn available locally to finance economy: Gumhouria Bank Chairman Musbah Akkari | (libyaherald.com)

 

Libya loses US$ 30 bn oil revenues due to oil blockades since August 2013 | (libyaherald.com)

 

 

 

 

 

 

 

Tags: featured
Share6Tweet4Share1

Related Posts

NESDB signs agreement with Malaysia Consultative Council to benefit from its development experience
Business

NESDB signs agreement with Malaysia Consultative Council to benefit from its development experience

January 31, 2023
Sirte Oil Company starts using smart oilfield technology
Business

Sirte Oil Company starts using smart oilfield technology

January 31, 2023
The British Libyan Business Association conducts successful business development trip to Misrata
Business

The British Libyan Business Association conducts successful business development trip to Misrata

January 31, 2023
The Forum and Exhibition for Transport and Transit Trade in Africa (AFRO-TT) opened in Algiers
Business

The Forum and Exhibition for Transport and Transit Trade in Africa (AFRO-TT) opened in Algiers

January 31, 2023
Aldabaiba praises activation of seven domestic airports and start of work on Tripoli International Airport’s terminal
Business

Aldabaiba praises activation of seven domestic airports and start of work on Tripoli International Airport’s terminal

January 30, 2023
Medsky Airways adds a second Airbus 320 to its fleet
Business

Medsky flies first Berlin to Misrata flight

January 30, 2023
Next Post

Libya orders 2.8 million doses of vaccines for 1.4 million through WHO’s Covax: NCDC head

Libya’s Marine Transport Company buys new oil tanker

Libya's Marine Transport Company buys new oil tanker

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Medsky Airways adds a second Airbus 320 to its fleet

    Medsky to start flights from Tripoli to Malta

    129 shares
    Share 53 Tweet 32
  • New Eni gas deal with Libya rejected by current Oil Minister and Bashagha

    111 shares
    Share 45 Tweet 28
  • Aldabaiba praises activation of seven domestic airports and start of work on Tripoli International Airport’s terminal

    84 shares
    Share 34 Tweet 21
  • Libyan Iron and Steel (LISCO) exports to 38 countries – 136,000 tons to be exported in coming months

    73 shares
    Share 35 Tweet 16
  • LBBC announces a wide range of business activities for 2023 – including a visit to Benghazi

    62 shares
    Share 25 Tweet 16
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

NESDB signs agreement with Malaysia Consultative Council to benefit from its development experience

Sirte Oil Company starts using smart oilfield technology

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?