The Central Bank of Libya (CBL) announced today that during its recent recall of the old LD 50-dinar denominations (second series) printed by the eastern based authorities in Russia, it had discovered more than LD 3.5 billion in counterfeit notes.
The CBL explained in its statement that what was issued in this category printed in Russia amounted to 6.650 billion dinars, while the amounts supplied to the Central Bank of Libya amounted to approximately 10.211 billion dinars, which is in excess of the amounts that were officially issued according to the CBL Benghazi issuance management.
It said this constitutes serious damage to the national economy.
The bank explained that what was issued from the first issue in denomination of 50 dinars amounted to 7 billion dinars, while the amounts supplied to the Central Bank of Libya amounted to approximately 6.828 billion dinars.
The bank said that printing this denomination in large quantities outside its control negatively affected the value of the Libyan dinar, contributed to increasing the demand for foreign currencies at significant levels in the parallel / black market, and doubled the risks of money laundering and terrorist financing.
It further pointed out that this matter prompted the Board of Directors of the Central Bank of Libya to issue its decision to withdraw the 20 dinar denomination from the first issue printed in Britain and the second issue printed in Russia and replace it with a safer currency, for fear of the presence of printed quantities of this denomination outside the bank, and set September 30, 2025 as the last date for its circulation, in order to maintain the structure and strength of the currency.
The Central Bank of Libya confirmed that it has taken all necessary legal measures regarding the above, including submitting a report to the Attorney General, as well as informing the House of Representatives of the incident, noting that it will announce the final results as soon as its competent departments complete the final counting process.
Aldabaiba calls on Attorney General to investigate
In an immediate reaction to the CBL revelation, the Tripoli based Libyan Prime Minister Abd Alhamid Aldabaiba said, “The Central Bank of Libya’s acknowledgment of a difference of 3.5 billion dinars in excess of the officially printed amount in the 50 dinars denomination it recently withdraws proves the sincerity of our repeated warnings about the existence of counterfeit currencies that flooded the Libyan market to buy hard currency and thus finance the authorities supervising this counterfeiting.
It is dangerous and affects the basis of economic stability (the country’s currency), affecting people’s lives and livelihoods.
I call on the Attorney General to move to open a comprehensive investigation to hold accountable all those involved in this crime, which cannot tolerate silence or transgression.”
It will be recalled that the eastern based Libyan authorities printed their separate money in Russia – in contravention of the CBL’s rules and regulations. This move was opposed by the whole international community – except Russia.
