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Country Report Libya Product Image

Country Report Libya

  • Published: August 2014
  • Region: Libya
  • 25 Pages
  • The Economist Intelligence Unit

The Central Bank of Libya (CBL) is increasing efforts to maintain the circulation of cash in the country's banking network, amid rising security concerns.

Sustained militia violence and a general deterioration in security have raised concerns over the country's cash in circulation, with reports in the past month of robberies and banks being forced to close their doors by a lack of liquidity. The country's electronic cheque clearing system was suspended temporarily in early August, highlighting fears that the economy was under threat of shutdown.

However, the CBL has worked to keep money in circulation, ensuring secret deliveries of cash to commercial banks-including by helicopter or aircraft, where necessary. The CBL delivers cash to its branches in Benghazi, Sabha and Sirte, from where it is distributed to the broader banking system. In late July the CBL sent LD50m (US$40m) by plane to the Nafousa mountain region to deal with a liquidity crisis there.

Country Report Libya

Central bank boosts efforts to maintain money circulation
Impact on the forecast

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