Libya will exhaust monetary reserves in 5 years - Al-Monitor: the Pulse of the Middle East

Libya will exhaust monetary reserves in 5 years - Al-Monitor: the Pulse of the Middle East:



"The Central Bank of Libya recently reassured all Libyans worried about the breakdown of the country’s national economy and the collapse of the dinar’s exchange rate that such an eventuality would never occur as a result of the bank’s large reserves in foreign currencies, valued at $113 billion, bolstered by an additional 116 tons of gold.



However, the International Monetary Fund (IMF), which confirmed that Libya possessed important reserves that would help it overcome the crisis in the short term, also warned of the imbalance seen in oil production, and the increase in expenditures, which would drain those reserves in less than five years.



In this regard, the director of the Libyan Stock Exchange, Misbah al-Akkari, stated that available liquidity surpassed 4.6 billion dinars ($3.8 billion), both inside and outside the country, with state accounts holding more than $110 billion abroad. But, according to him, the problem still revolved around the ability to move required liquidity from the central bank to commercial banks as lawlessness continued to spread."



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