Al-Wehda Bank issued a statement reassuring its clients of its secure system after the zero clearing incident that occurred in one of its branches recently. The statement confirmed that the bank had sufficient financial allocations to face any potential challenges, noting that it witnessed an increase in the volume of assets during the first five months of 2024.

The statement touched on the risks facing the banking sector in general, stressing that Bank is committed to implementing a “sound precautionary policy” to confront risks and challenges. It indicated that the volume of the bank’s financial allocations as of May 30, 2024 amounted to the equivalent of 1.533 billion Libyan dinars, of which 630 million dinars were an allocation for debts with doubtful repayment, and 884 million dinars were an allocation for price fluctuations.

It also said that the Bank witnessed an increase in the volume of assets by 20% during the period from January to May 2024 compared to the same period last year, bringing the total assets to more than 26 billion Libyan dinars. The statement indicated that the Bank's deposit fees amounted to 22.468 billion dinars on May 30, 2024, which reflects customers’ confidence in the bank.

It confirmed that the Board of Directors and the executive management took all necessary measures regarding the zero clearing incident, and that the bank will not be affected by this incident and is going to take all necessary precautions to prevent it from reoccurring in the future.

The Central Bank of Libya froze 10 bank accounts of legal entities, in addition to 141 bank accounts, at Al-Wehda Bank, for carrying out suspicious banking operations: money orders in form of checks to be collected in the businesspeople branch.