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The Monetary Policy Committee of the Central Bank calls for the approval of a unified budget and stresses the independence of the bank and ensuring the professionalism of its decisions

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Tripoli, January 14, 2025 (LANA) - The Monetary Policy Committee of the Central Bank of Libya called on all relevant parties to expedite the approval of a unified balanced budget for the year 2025, and to periodically supply oil revenues to the Central Bank of Libya, and to enhance the principles of transparency and disclosure, stressing the independence of the Central Bank and ensuring the professionalism of its decisions in everything related to the paths of exchange rate policy and monetary policy to ensure the achievement of monetary stability and financial sustainability of the state.

This was its first meeting today, Tuesday, headed by the Governor and his Deputy and attended by members at the headquarters of the Central Bank of Libya in Tripoli to review "the general economic and financial situation of the state, and to evaluate the efficiency of monetary policy, and the development of the Libyan dinar exchange rate in light of the economic data and developments and the expansionary public spending policy of the two governments for the year 2024".

According to the statement of the Central Bank, the committee discussed expectations of local and global economic activity), expectations of crude oil production and prices, in addition to reading the analysis of financial safety indicators, the development of the volume of foreign exchange sales, revenues and spending, and comparing statistics for the last three years.

The committee concluded that “it is necessary to coordinate economic policies (monetary, financial and commercial), and to begin activating the tools that enable the Central Bank of Libya to achieve its goals in response to all circumstances, and to urge all relevant parties to expedite the approval of a unified balanced budget for the year 2025, as well as the necessity of periodically supplying oil revenues to the Central Bank of Libya, enhancing the principles of transparency and disclosure, and emphasizing the independence of the Central Bank and ensuring the professionalism of its decisions in everything related to the paths of exchange rate policy and monetary policy to ensure the achievement of monetary stability and financial sustainability for the state.” 

(LANA)