UN Sanctions Committee releases CBL funds

UN Sanctions Committee releases CBL funds

December 21, 2015 - 14:32
Posted in:
Written By: AbdullahBenIbrahim

Letter from the Governor of CBL Al-Siddiq Al-Kabir to the President of GNC Nuri Abu Sahmain

The UN Sanctions Committee has decided to release the frozen assets of the Central Bank of Libya deposited in three US banks.

In a confidential letter from the Governor of CBL Al-Siddiq Al-Kabir to the President of GNC Nuri Abu Sahmain on November 26, leaked on social media Monday, the UN Sanctions Committee released $19.279 billion of the frozen CBL assets in the Bank of America, Bank of Wells Fargo and Citibank Group.

It also agreed to release securities worth of $3 billion in favour for the Libyan Foreign Bank.

The UN Sanctions Committee also allowed the Central Bank of Libya to import foreign currency under the control of a team of observers from the committee, the World Bank and the International Monetary Fund.

"The amount of the currency allowed to be imported in US dollar is $5.350 billion and the amount of the currency allowed to be imported in euro is € 1.200 billion every ten months." A letter from the Chairman of UN Committee to monitor sanctions on Libya Hussein Haniff to the Governor of CBL showed.

Despite the release of foreign currency, the prices of foreign currency in the black market are still much higher than the official bank rate.

The exchange rate is 3.17 Libyan dinars to the dollar while one euro is converted at 3.44 dinars. The bank exchange rate for the dollar is 1.39 dinar and for the euro is 1.52 dinar.