Economy Libya in talks to print $6.25bn new bank notes By Pramod Kumar December 6, 2024, 10:21 AM Reuters/Ayman Al-Sahili A bank in Misrata, Libya. In July, Libya’s parliament approved an additional budget of 88bn dinars ($18.3bn) The Central Bank of Libya has engaged British currency printer De La Rue to print 30 billion dinars ($6.25 billion) to resolve the country’s cash liquidity crisis. Governor Naji Issa met De La Rue CEO Clive Vacher on Wednesday to discuss the contract related to printing various denominations of Libyan currency, the bank said in a statement. The meeting discussed the schedule of dates for receiving the various shipments of currency. Although a timeline was set for the exchange of old banknotes, no details have been shared. Last week, the central bank announced plans for a “gradually and comprehensive” resolution of the economic crisis as of January 2025. Reconstructing battered Libya is a work in progress Libya prepares final phase for giant man-made river Oil production in Libya returns, but full recovery is uncertain State payrolls accounted for the largest portion of spending – 48.6 billion dinars between January and October – out of total oil revenues of 67.8 billion dinars during the same period, Reuters reported, citing the central bank data. In July, Libya’s eastern-based parliament approved an additional budget of 88 billion dinars ($18.3 billion) for reconstruction and economic stability. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
