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Libya’s NOC Chief says won’t allow Central Bank to use oil money till transparency is achieved

The Chairman of the Libyan National Oil Corporation (NOC) Mustafa Sanalla has lashed out at the Governor of the Central Bank of Libya Al-Siddiq Al-Kabir, saying Al-Kabir has been involved in corruption and misappropriation of public funds by giving fake letters of credits to certain people and leaving Libyans suffer terrible living conditions.

Sanalla said in a televised statement Sunday posted by the NOC that the oil revenues will no longer be kept at the Central Bank of Libya headed by Al-Kabir, rather they will be kept at the Libyan Foreign Bank accounts inside Libya until the Central Bank carries out reform and publishes transparent reports about its spending and letters of credit policies.

The Chairman of the NOC added that the financial policies of the Governor of the Central Bank have led to the suffering of ordinary Libyans as the latter keeps favoring a group of businessmen for letters of credit so that they could profit, plunging the country into a crazy margin of foreign currency exchange at the black market and bad living conditions in the country due to the inflation created by those policies.

Sanalla asked the Governor of the Central Bank of Libya to be transparent and publish the details of the expenditures and letters of credit since he took office, so that afterwards, the NOC can transfer the oil revenues back to the Central bank accounts for the benefit of all Libyans.

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