Parallel Central Bank of Libya prints new banknotes in Russia

Parallel Central Bank of Libya prints new banknotes in Russia

May 25, 2016 - 14:05
Posted in:
Written by: AbdullahBenIbrahim

The eastern Central Bank of Libya said today it will put new banknotes of 20 and 50 dinars into public circulation, a step that would complicate the political and financial situations and deepen split in the country.

The parallel bank, based in the city of Bayda, said the new notes of 20 and 50 dinars will be in public circulation from June 01.  

A Bank source disclosed that the new banknotes were printed in Russia and signed by Governor Ali Al-Hibri, the rival for Tripoli-based Governor Al-Siddig Al-Kabir.

"The printed notes are amounted to LYD 4 billion and are the same sizes and denominations as the current banknotes," the source clarified.

The new banknotes will circulate together with the current ones, the bank said.

There is no comment from the official Central Bank of Libya in Tripoli, which is used to print the country's banknotes in England's De La Rue.

 Libya is going through a severe liquidity crisis with many banks limiting withdrawals to around LYD 500 dinars per day.