Libya earned $14.3 billion in oil revenues over January-August period

The central bank in Tripoli listed total government spending for the period at $17.4 billion, exceeding revenues.
Tuesday 10/09/2019
In this March 5, 2011 file photo, an anti-government rebel sits with an anti-aircraft weapon in front an oil refinery in Ras Lanouf, eastern Libya. (AP)
In this March 5, 2011 file photo, an anti-government rebel sits with an anti-aircraft weapon in front an oil refinery in Ras Lanouf, eastern Libya. (AP)

Libya earned 20.2 billion Libyan dinars ($14.3 billion) in oil revenues in the first eight months of the year, the Central Bank of Libya said.

The central bank in Tripoli listed total government spending for the period at $17.4 billion, exceeding revenues of $15.2 billion.

Libya is divided between rival governments in Tripoli and the east, where there is a parallel central bank, making accurate national data difficult to obtain. However, the central bank in Tripoli has retained control over oil revenues, which are received through the National Oil Corporation (NOC) and account for of the country’s dollar income.

Funds allocated to the NOC totalled $2.7 billion, while fees on dollar purchases totalled $10.4 billion, the central bank said.

Fees were imposed last year by the internationally recognised, Tripoli-based Government of National Accord to narrow the gap between official and black-market rates.

The central bank said public salary payments totalled $9.6 billion up to the end of July and that it had not received salary spending figures for August from the Finance Ministry.

(Reuters)