The Central Bank of Libya (CBL) issued its annual report on the revenues and expenditures of state institutions, explaining that the revenues of 2023 reached 125.9 billion dinars and the expenditures amounted to 125.7 billion.
The CBL’s January-to-December report explained on Sunday that oil revenues that were deposited at the CBL reached 25.4 billion dollars, adding that the funds used and the outstanding financial commitments to be paid hit 35.3 billion dollars.
“Salaries amounted to 60 billion dinars, development expenditures reached 12 billion, and subsidies hit 20 billion.” The report remarks, outlining the noticeable overuse of foreign currencies in 2023 as it increased by 5 billion dinars in 2023 (21 billion dollars) compared to 2022.
The CBL warned against continuing with the fast-paced spending from public funds, which would – it said – lead to more deficits in foreign currency purchase transactions, hence; negatively impacting the reserves of the CBL and hiking exchange rates.
The report said the Government of NAtional Unity led by Abdul Hamid Dbeibah and based in Tripoli had spent 3 billion and 24 million dinars, while the House of Representatives that is based in the east had spent 1 billion and 671 million, the Presidential Council 770 million, and the High Council of State 80 million.
