By Sami Zaptia.
London, 23 June 2016:
The Tripoli CBL announced today that it has received a consignment of LD 300 million of British-printed new bank notes. The money arrived by air today at Mitiga airport.
The CBL said that the money would be distributed to all banks throughout Libya. It had received a consignment of LD 250 million on 18th June from the UK printers.
It will be recalled that Libya is suffering a cash crisis with banks enforcing withdrawal limits when they have any money to distribute. There are often long crowds outside banks with people waiting from the early hours. Some banks have been attacked by angry customers.
The political instability in the country has led to a loss of confidence by customers who have chosen to hoard their cash at home rather than deposit it in their bank accounts.
Libya’s oil production has collapsed to 27 percent of its peak 2012 level and international crude oil prices have dropped from over US$ 100 to under US$ 40 per barrel, all leading to a huge decline in state revenues.
The political split of the country has also led to a split of the CBL into a Tripoli and Beida branch.