6 Hrs
Source:
عين ليبيا
Libya's oil profits amid banking restrictions
The article discusses the state of the Libyan economy, particularly concerning foreign currency, reserves, and liquidity. It highlights that the economy heavily depends on oil revenues to fund the government and provide foreign currency. The report indicates that reserves are not under pressure and remain stable, with a significant increase in revenues resulting from rising oil prices. Experts affirmed that mismanagement of resources and a lack of preparedness for international changes hinder the ability to capitalize on economic potential. Libya possesses sufficient reserves of currency and assets to enhance liquidity and meet the demand for dollars, provided that financial policy management improves and reliance on imports reduces. The report also noted that Libya has unused resources capable of covering more than 60% of domestic needs. Food security can be supported through effective management of national stockpiles, with the capacity to absorb financial shocks, aided by the rise in oil prices.
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