No Result
View All Result
Sunday, July 13, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Central Bank acts on subsidy removal

byMichel Cousins
October 12, 2015
Reading Time: 2 mins read
A A

By Libya Herald reporter.

Tunis, 12 October 2015:

At a meeting today the Central Bank of Libya (CBL) agreed action to removed direct subsidies . . .[restrict]on fuel, stable foodstuffs and medicines. Prices at pumps and in shops will rise over a period of a year or more to market rates and, instead, payments of between LD 70 and LD 120 will be made into the bank accounts of every Libyan over the age of 18.

The move is expected to hit smugglers, saving Libya the equivalent of $4 billion a year as a result of subsidised goods being smuggled to neighbouring countries.

The Central Bank is overseeing the process in cooperation with the civil registry authorities. Both the House of Representative and the General National Congress as well as the Thinni government and the Ghwell administration in Tripoli had previously but separately agreed it.

RELATED POSTS

Top law firm joins new British Libyan Business Association

An academy with a difference in Tripoli

Of the $4 billion-worth of subsidised goods – smuggled to Tunisia, Malta, Niger, Chad and Sudan – fuel accounts for 70 to 80 percent. Flour is also a major smuggled subsidised item. On a per capita basis, Libya is said to be the biggest importer of flour in the world, importing the equivalent of 200 kilogrammes per person per year. Other subsidised goods include sugar, tea tomato paste, vegetable oil, salt, rice and pasta.

The upper figure of LD 120 to be paid into people’s bank accounts will depend on whether subsidies on electricity are also phased out. If not, the payment is expected to be set at around LD 70.

The ending of direct subsidies – Libya spends some LD 12 billion a year on them – is expected to start coming into effect in three months’ time. “The development of the national ID number has now allowed this to happen,” an official who has been involved in the plans told the Libya Herald.

It will see petrol at the pumps rise from 150 dirhams (15 girsh or piastres) initially to 20 or 25, he said, adding that it would not go over 400 dirhams within the first year of being implemented.

“This way the money will go directly into Libyan pockets,” the official explained. It would, he added, benefit those with large families. Heads of families with children under 18 would be paid a percentage of individual allowance to cover each child.

The CBL is to discuss the subsidies with organisations involved such as the NOC and GECOL. In the case of the latter, there are concerns that even of people are given a subsidy towards payment of their electricity bills, many will not, as is the case now, pay them. [/restrict]

Tags: Central Bank of LibyaLibya

Related Posts

CBL receives results from meetings with international banks
Business

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

July 11, 2025
Preparations for the second ‘‘Made in Libya’’ edition in Niamey, Niger progressing
Business

“Made in Libya” exhibition to be held in Benghazi from 10 to 13 August

July 11, 2025
Sirte and BACB to improve cooperation
Business

Sirte Oil completes drilling of horizontal well in Zilten field producing 1,985 bpd using local cadres

July 11, 2025
Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges
Business

Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

July 10, 2025
Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions
Business

Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

July 10, 2025
NOC announces force majeure at Zawia port
Business

Libyan Fertiliser Company’s urea plant achieves a 95 percent production rate

July 10, 2025
Next Post
Ben Hamid threatens to continue shelling Benina

Ben Hamid threatens to continue shelling Benina

HoR debates Leon's government names but comes to no conclusion

ADVERTISEMENT

Top Stories

  • Benghazi port receives 398 containers of mixed goods, 25,000 tons of wheat, 28,500 tons of barley and 6,000 tons of cement

    All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    0 shares
    Share 0 Tweet 0
  • BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

    0 shares
    Share 0 Tweet 0
  • Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

    0 shares
    Share 0 Tweet 0
  • Aldabaiba opens First Phase of Tripoli’s Third Ring Road

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

Attorney General provides update on investigation of incidents resulting from Tripoli 2025 armed clashes and demonstrations

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.