Deputy Governor of Central Bank assesses economy

Libyan bank to give 3.5bn dinar grant on revolution anniversary

GMT 15:59 2012 Wednesday ,29 February

Arab Today, arab today Libyan bank to give 3.5bn dinar grant on revolution anniversary

Central Bank of Libya
Tripoli - Emad Agag

Central Bank of Libya Deputy Governor of the Central Bank of Libya Ali El-Habri confirmed that the liquidity problems of Libya's banls will be resolved by the end of March."The situation will return to normal by May," said El-Habri.
He explained that banks were suffering a severe lack of liquidity during the revolution, but have now recovered and were improving day after day. They have not however reached ideal sufficiency yet.
"The quality of life improves when the economy improves, and not by changing the exchange rate of the international currencies," said the deputy governnor.
He added that the pension funds had now amounted to 22 billion Libyan dinars. Al-Harbi mentioned that he could not reduce the exchange rate of foreign currencies, and they should remain as they are for three years until the country's economic development is assessed.
He said that the state possesses $109 bn worth investments of Libyan frozen funds in offshore accounts.He confirmed that the Central Bank administration conducted several meetings regarding the disbursement of the financial grant decreed by the ruling NTC on the occasion of the first anniversary of the revolution. The disbursement will take place by the beginning of April, and 3.5 billion dinars have been allocated for the grant.
Al-Habri stated that the grant can be deposited both in dinars or in USD, and added that citizens appointed in the government should make sure they have bank accounts.

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