Libya announces the possibility of a decline in the central reserve 20% with the decline in oil revenues

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Etihad Press ||

The Libyan Accounting Office revealed that the reserves of the Central Bank of Libya are expected to witness a decrease of about 20 percent this year due to the blockade imposed on energy exports by the forces stationed in the east of the country, which reduced revenues.

According to Reuters, Diwan indicated that the annual oil revenues are expected to decrease to five billion dollars from 31 billion dollars last year, which will reduce the reserves of the Central Bank to 50 billion dollars.

The Tripoli-based Bureau of Accounting said in a video posted to Facebook on Friday that the fiscal deficit is expected to reach 26.7 billion dinars ($ 19 billion) this year compared to a surplus of 11 billion dinars in 2019.

Although most of the oil production and export facilities are in the east, international agreements mean that they can only be sold by the National Oil Corporation in Tripoli, with revenue flowing through the Tripoli-based Central Bank of Libya as well.







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