The Central Bank of Libya (CBL) reaffirmed its commitment to providing foreign currency to meet the needs of the local market and maintain exchange rate stability, despite increasing pressure on foreign reserves.
In a statement issued on Tuesday, the bank reported that total foreign currency sales during the period from March 1 to March 17, 2025, amounted to $2.3 billion. Of this amount, $1.1 billion was allocated for personal purposes, while $1.2 billion was allocated for letters of credit. In contrast, oil revenues deposited with the bank during the same period did not exceed $778 million.
The CBL warned of the significant challenges it faces, primarily the decline in public revenues, the drop in oil revenues, and delays in their collection — all of which negatively impact monetary stability and increase pressure on foreign reserves.
It also noted that the continued rise in government spending is contributing to increased demand for foreign currency, threatening financial sustainability and undermining the bank’s efforts to maintain economic balance.
The Central Bank had previously reported a foreign currency deficit of $2.5 billion in its January and February 2025 report — a worrying indication of the worsening financial crisis in the country.
