In its latest data for the whole of 2023 on revenues and spending released today, the Central Bank of Libya (CBL) revealed a continued increase in public spending – without a matching in earnings.
Foreign exchange deficit
With a deficit of US$ 9.9 billion, the CBL confirmed in its latest monthly statement that the state’s revenues from foreign exchange in 2023 reached $25.4 billion, while its uses reached $35.3 billion. The CBL warned of a depletion in foreign exchange reserves with an increase of US $5 billion on 2022.
LD revenues cover spending
The CBL announced that state revenues will reach 125.9 billion dinars, and spending will reach 125.7 billion dinars, during 2023.
NOC spending
It revealed that the National Oil Corporation’s (NOC) spending reached 17.5 billion dinars in 2023 from the Exceptional budget granted to it.
Continued rise in state sector salaries
The CBL stated in its report that the salaries item in the 2023 budget rose to about 65 billion dinars, or by approximately 38% over the year 2022.
The report indicated that the salaries item recorded a significant increase from 2022, in which the salaries amounted to 47.1 billion dinars, and from the 33.1 billion dinars for 2021.
