By Sami Zaptia.
London, 8 June 2016:
The Beida-based Central Bank of Libya (CBL) announced today that LD 200 million of the newly . . .[restrict]printed Libyan bank notes from Russia arrived at Labraq airport.
CBL Beida said that the new money will be distributed to all parts of Libya, adding that further consignments of money will be arriving until the country’s cash crises is alleviated.
Today’s announcement comes after the Beida branch had revealed yesterday that it had supplied the Tripoli branch with a batch of LD 50 million of the newly-printed bank notes.
Yesterday, there were demonstrations in Tripoli outside the banks near Martyr Square by customers as they were unable to withdraw any cash from their accounts.
The collapse in international crude oil prices and the crash in Libya’s oil production to 27 percent of its 2012 peak has meant that Libya is going through an acute economic crisis.
The cash crises is caused by the political and military (militia) polarization of the country and the resultant loss of confidence which has led to people hoarding their Libyan dinars at home rather than depositing them into their bank accounts. [/restrict]