Libya’s oil and sovereign revenues totaled 105.7 billion dinars in 2021, the Central Bank of Libya (CBL) says.
The total expenditure came to 86.1 billion dinars; 85.8 billion dinars were actual spending, the CBL explained on its Facebook Wednesday, noting that the figures were allocated based on 1/12 for the five expenditure sections.
According to the CBL data, the bank received 22.9 billion dollars last year. 24.5 billion dollars were used for foreign exchange, while the value of the deficit estimated at 1.6 billion dollars was covered by the bank’s reserves in order to maintain the stability of the exchange rate.
The bank also outlined that the fees imposed on foreign exchange sales had not been used for any purpose during 2021.
It further disclosed that development spending represented 27% in 2021 compared with 4% during the past years.
In conclusion, the CBL revealed that some oil revenues owed by oil companies, estimated at billions of dollars, have not been reported to the Ministry of Finance’s accounts at the bank.
