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Size of huge LD 111 2020 budget due to parliament pressure on government – will lead to high inflation and further dinar devaluation: member of CBL Committee

bySami Zaptia
August 9, 2021
Reading Time: 2 mins read
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By Sami Zaptia.

The proposed LD 111 billion 2021 budget would be inflationary and lead to further dinar devaluation (Photo: Sami Zaptia).

London, 9 August 2021:

Musbah Akkari. former chairman of Jumhuriya bank, head of the Central Bank of Libya (CBL) Reserves Department and currently member of the Libyan Dinar Exchange Rate Adjustment Committee has warned that the government is giving in to pressure from parliament by proposing a huge LD 111 billion budget which will be inflationary and detrimental to the dinar.

‘‘There was a big problem with the Libyan economy that needed very painful treatment of which there was no escape until economic stability returned. And there was a specific time plan of 18 months for this treatment, and the exchange rate prescription was like dispensing a bitter medicine until it gives its effect.

Unfortunately, the Abd Alhamid Aldabaiba Government of National Unity come, and under pressure from Parliament, presented a budget of LD 111 billion. The least description of this is as if the government treated to a diabetic patient with a box of Nutella chocolate to treat the patient.

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Gradual exchange rate reduction is better than salary increases

It is not possible to deal with state affairs with emotions. Yes, there are segments of state employees that need a salary increase, but after extensive study, a gradual exchange rate reduction is much better than a salary increase.

The reopening of the cheque clearance system

The opening of the clearing system also relieves many citizens whose accounts are in banks such as Wehda, Bank of Trade and Development. Amending the lending policy is better than increasing salaries. Adjusting the tax system reduces the cost of high salaries. the border.

Opening the clearing house also relieves many citizens whose accounts are in banks such as Unity, Trade and Development.

Amending loans and tax policies

Changing the loan policy is better than increasing the salaries. Adjusting the tax system to reduces the cost of high salaries.

I say if this budget was approved according to the numbers listed in it and the proposed chapters, I would be extremely pessimistic this time.

This budget, which was prepared on an emotional rather than a professional basis, will be an open path towards higher inflation rates and a further devaluation of the Libyan dinar.

It is a real danger that threatens the Libyan economy. Where are the voices that were opposed to the exchange rate? Where are they today with this danger to us?’’

 

e-payments transactions top LD 1.1 bn in Q1 of 2021 – but cash is still king in Libya | (libyaherald.com)

End of Libya’s cash liquidity problem? | (libyaherald.com)

Foreign exchange sales reached US$ 3 billion after new rate – helping solve liquidity problem | (libyaherald.com)

Cash availability and cash withdrawal limits to rise within two weeks: CBL official | (libyaherald.com)

Prices will decrease by 35-45 percent because of dinar devaluation: CBL expert | (libyaherald.com)

LD 100 bn available locally to finance economy: Gumhouria Bank Chairman Musbah Akkari | (libyaherald.com)

Libya loses US$ 30 bn oil revenues due to oil blockades since August 2013 | (libyaherald.com)

 

 
Tags: 2020 budgetfeaturedMusbah AkkariZintan HoR member Abdalsalam Nasia
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