The Central Bank of Libya’s multilateral committee held its third regular meeting today at the office of the Governor and Chairman of the Committee. The meeting discussed strategic options related to the management of the bank’s problematic assets.
CBL’s total assets amount to US$ 98.8 billion
The committee reviewed a report on the bank’s foreign currency assets, which include gold and financial assets in various foreign currencies. The committee also reviewed the impact of rising gold prices and economic fluctuations on the total investment value, which amounts to US$ 98.8 billion.
Gold represents 18.38 percent (US$ 18.164) of total CBL assets
The CBL revealed that of this total, only $18.164 billion is equivalent to gold, representing 18.38% of the total investment value. The committee also reviewed investment returns from these assets as of September 30, which reached $2.2 billion. This has led to positive results in foreign reserve management, mitigated the oil revenue deficit, and is expected to result in increased spending on foreign investment.
The CBL said this meeting comes within the framework of its commitment to enhancing transparency and efficiency in the management of its foreign exchange reserves. As a result, presenting a clear positive image of indicators of monetary, financial, and economic stability in the country has emerged, thus supporting confidence in monetary policy and strengthening the bank’s position as a leading financial institution in the region.
