Libya’s central bank announced on Tuesday that it has authorised the printing of 60 billion Libyan dinars, equivalent to about $11 billion, to maintain cash liquidity “in a balanced and stable manner.”
According to the bank’s statement, around 25 billion dinars of the total amount have already been received and distributed to local banks, while another 14 billion dinars are expected to arrive from overseas before the end of the year.
The remaining 21 billion dinars will be imported in 2026.
The statement did not specify who would handle the printing, according to Reuters.
“The new denominations are scheduled to arrive in successive shipments during the coming period, according to the plan approved by the Central Bank of Libya,” it said.
Despite its vast oil wealth, Libya has struggled with chronic liquidity shortages for years, forcing residents to wait in long queues outside banks to withdraw cash and collect their salaries.
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Last year, the central bank signed an agreement with British banknote printer De La Rue to produce 30 billion dinars aimed at resolving liquidity problems at commercial banks.
Two central bank sources told Reuters that this amount forms part of the 60 billion dinars referenced in Tuesday’s statement.
The bank also revealed that it had recently withdrawn about 47 billion dinars in banknotes “to maintain the strength of the Libyan dinar and enhance the country’s monetary and financial stability,” though it did not give a specific timeframe for the action.
Of the withdrawn amount, approximately 10 billion dinars were “not issued by the Central Bank and unknown to it.”
The statement added that removing this unrecognized currency “doubled the challenges and increased pressure on the Central Bank of Libya and the banking sector.”
Since 2014, Libya has been divided between rival western and eastern administrations, each vying for control over key state institutions, including the central bank.
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Image Credit: Al Arabiya Network.
