CBL considers Audit Bureau’s proposal to allocate $15 billion for imports

CBL considers Audit Bureau’s proposal to allocate $15 billion for imports

January 10, 2017 - 19:09
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Written By: AbdulkaderAssad

The Audit Bureau suggested that the Central Bank of Libya (CBL) should allocate a budget of 15 billion dollars for imports so that the calamity of the Libyan citizens can be reduced.

“We’re considering the Audit Bureau’s proposal for the imports budget.” The CBL said on Tuesday.

“First the budget will assign 6 billion dollars for government expenditure funded by the public treasury of Libya, second there will be 6 other billion dollars allocated for importations, and finally, 3 billion dollars to be allocated for personal money transfers.” The spokesman of the Audit Bureau, Mohammed Al-Zatrini, explained.

The Audit Bureau’s spokesman elaborated saying such a procedure would definitely drop some burdens that have been weighing heavily on Libyans for a long time and would also provide some more demands for the businesspersons in the market as people would have money in their hands more frequently than they do now.

“Money transfers would be done by the official foreign currency rates and those will include students’ money transfers, fuel, medical supplies and treatment, electricity, state institutions equipment like the oil and electricity ones, and others.” He indicated.

Al-Zatrini underscored that those transactions will be tapped by some fees by the Ministry of Economy so that it can obtain some extra revenue to cover the deficits of the previous and current budgets.

“All is studying the proposals, and by all I mean the CBL and the Ministry of Economy, which is trying to figure out the pros and cons of it plus the needed measures to connect with the Taxes Authority and the Customs Authority as well as the importation firms.” The spokesman added.

He went on to say that like all proposals, this suggestion has its advantages and disadvantages, though it is more advantageous than otherwise, as it would positively influence the foreign currency reserves at the CBL amid the good oil revenue received now by the government.

“We’re so optimistic as regards to the revenue of the oil industry.” Al-Zatrini concluded.

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