Call for a financial audit of Central Bank decisions and money flows
LIBYA – Ahmed Al-Khalil, an economics professor at Libyan universities, has called for a technical parliamentary review covering the governor, the board of directors and the relevant departments. He said responsibility does not rest with one person but is determined by the powers, mandates and decisions involved in drafting and implementing policy.
Dinar devaluation and the foreign currency fee
In exclusive comments to the Libyan News Agency (LANA), Al-Khalil called for a review of the technical and economic grounds for the decisions to devalue the dinar, how much consultation there was on them and their effects on prices and purchasing power. He also called for an examination of the revenue from the fee on foreign currency sales, whose rate was changed from 27% to 15%, and for the responsibilities of the bodies that proposed, approved and implemented the change to be established.
Banknote withdrawals, currency printing and cash distribution
The economist raised questions about the management of the withdrawal of banknote issues worth about 47 billion dinars and the contract to print about 60 billion dinars, with about 25 billion announced as received and distributed at one stage of the process, while difficulties with cash withdrawals persist.
Al-Khalil criticised what he described as “discrimination against some banks in the eastern region in the distribution of cash and letters of credit and in clearing procedures”, and called for detailed data to be published so the fairness of distribution among banks and regions can be assessed.
Letters of credit and identifying beneficiaries
He also called for a review of the criteria for allocating documentary letters of credit, which totalled about $10.11 billion in the first nine months of 2026, and for the beneficiaries and the approval and oversight mechanisms to be disclosed.
Oil revenue and foreign investments
Al-Khalil called for the oil revenue collected to be matched against fuel allocations and the sums deposited in bank accounts, to show how the money moved and what responsibilities fall on the oil, financial and banking bodies.
He urged disclosure of the value of foreign assets and investments and their actual returns, and of how much of their profits was transferred to the entitled bodies or reinvested, along with a review of the legal and regulatory framework of the Libyan Foreign Bank.
Matching institutions’ data and establishing responsibility
He stressed that the review must be based on data from the Central Bank of Libya, the Ministry of Finance, the National Oil Corporation, the Libyan Foreign Bank and the Libyan Investment Authority, matching the financial flows between them so that responsibility can be established on the basis of documents and evidence.
Al-Khalil said changing personnel was not enough to fix economic imbalances, and that leaving office did not end the public’s right to know how decisions were taken, how their benefits and costs were shared and what they meant for the economy and citizens.
