Central Bank says oil blockade cost Libya $2.7 billion so far

Central Bank says oil blockade cost Libya $2.7 billion so far

March 09, 2020 - 22:13
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Written By: AbdulkaderAssad

The Libyan Central Bank has announced that Libya has lost over 2.7 billion dollars since the January 18 oil blockade, adding in a statement that February revenue amounts to 380 million dinars.

The Libyan Central Bank added on Monday that foreign currency purchase fees had made 6 billion dinars in revenue while sovereign revenues brought in 5 million dinars, adding that it had approved a budget of 38.5 billion.

On March 04, the Libyan Government of National Accord approved a budget for 2020 worth 38.5 billion dinars after a meeting for the Head of Presidential Council Fayez Al-Sarraj, CBL Governor Al-Siddiq Al-Kabir, Audit Bureau's Head Khalid Shakshak, Head of High Council of State Khalid Al-Mishri and others.

The delay of budget approval hindered state institutions' salary payments since the start of 2020 with both the CBL and Ministry of Finance exchanging blame for it. The CBL said in late February that it had started salary payments for January and February without promotions and incentives