The Audit Bureau warned about a near-to come sharp drop in Libya's foreign-exchange reserves and current spending policies, stressing that deposits by foreign currencies decreased about 26% reaching 25.3 billion dollars, which could result in the collapse of the Central Bank of Libya and its economy in a year span.
The Audit annual report clarified that Libya has spent more than a quarter of its 2014 foreign-exchange reserves in an endeavor to compensate for the decline of the vital oil revenue, highlighting that the foreign-exchange reserves in the CBL have amounted to 76.6 billion dollars at the end of 2014 compared to 105.9 billion dollars in 2013. Hence, reassuring that the value of the CBL’s investments in foreign bonds decreased about 25% last year reaching 50.5 billion dollars.