New Libyan Currency By Year End ~ new currency will be brought by the end of this year and exchanged with the older one as soon as it arrives in banks

Tuesday, 29 November 2011

Central Bank: New Libyan currency to be released on new year

‘Arabstoday’ has received new prints of the new Libyan currency (one-dinar, five-dinar and ten-dinar banknotes) which are scheduled to start being circulated by the beginning of 2012. Governor of Central Bank of Libya Al-Sedik Omar Al-Kabir explained that the new currency will be brought by the end of this year and exchanged with the older one as soon as it arrives in banks.

Al-Kabir said that Libyan banks need restructuring and reconsideration, including the Central Bank, due to embezzlements and outrageous infringements in managing some of its domestic, as well as foreign state-owned, banks.

Al-Kabir clarified – in a press statement on the sidelines of the Annual Arab Banking Conference in Beirut, Lebanon – that Libya asked Egypt to freeze the assets of the former Libyan regime and its staff from its side, pointing out that Libya is taking serious steps to trace these assets and have them returned.

He called on foreign banks, companies, and investors to invest in Libya, ruling out the disintegration of Libya or the banks operating in it on account of the elimination of the former regime, stating that the transitional government would not allow such a thing.

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He stressed on the need for the development, investment, and expansion of Arab banks, and the recruitment of its potential to boost the economic development of Arab countries that face challenges. He called on the governor to review and amend the financial and economic laws and regulations in Arab countries as well, in line with the challenges of the current stage, and to enhance the competitiveness of the financial institutions and local and regional companies on the international level.

Al-Kabir stressed the need to focus on controlling the deficit in Arab countries to reduce the leakage of foreign cash reserves. He also called for the adjustment of budgets of the counties suffering extraordinary political conditions, in reference to the Arab Spring revolutions.

He added that the deficit reduction will contribute in easing governments’ need to take loans, especially in local markets which suffer a decline in liquidity, emphasising that “the looting done by the former regime from several places and in different ways was not through the Central Bank, but through the Ministry of Finance.”

He noted that the wealth looted by the former regime was done by sealed contracts of inflated figures that they are now looking into and that may have been smuggled abroad.

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