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🛒 تسوق الآنLibya Central Bank's 3-Pronged Plan to End the Liquidity Crisis
Libya Central Bank's 3-Pronged Plan to End the Liquidity Crisis
For the first time in over a decade, Libyan citizens are purchasing foreign currency in cash directly from commercial banks — a scene virtually unthinkable two years ago. After a liquidity crisis stretching from 2011 through early 2025, pushing millions toward paper cash and a thriving parallel currency market, Libya's banking sector is experiencing a measurable turnaround. The change came from three deliberate tracks adopted by the Central Bank of Libya to tackle one of the country's most persistent economic wounds.
The 3 Parallel Paths to Recovery
In a statement to Al Jazeera Net, a senior CBL official explained that the improvement is the result of three simultaneous strategies:
- Restructuring cash distribution among commercial bank branches to ensure fairer allocation across all regions
- Printing new banknotes worth up to 60 billion Libyan dinars ($9.42 billion) to replace counterfeit and informally circulated notes
- Expanding digital banking and electronic payments as part of a national financial inclusion strategy
The numbers are striking. Electronic payment transactions surged from 74 billion dinars in September 2024 to 397.1 billion dinars during 2025. By end of May 2026, the figure reached 340.5 billion dinars — on pace to exceed the previous year's total.
The Dollar Battle: Official Channels vs. Parallel Market
The CBL is betting on direct foreign currency sales to citizens to curb speculation. Providing dollars through formal channels absorbed part of the demand that previously fed the black market, reducing hoarding. However, the official acknowledged this alone cannot close the gap between official and parallel market rates. Currency trader Musab Al-Omari noted that some citizens resell bank-obtained dollars on the parallel market for profit, and commercial importers need amounts exceeding personal limits.
A Citizen's Experience: Progress, But Fragile Trust
Hiba Khalifa, who used the bank's foreign currency service, told Al Jazeera Net: "Receiving the dollar took about a month after registration. I faced system failures and crowding at pickup. The bank saved money compared to the parallel market, but not time and effort." She acknowledged electronic services have improved significantly, but full trust has not returned due to persistent technical and procedural problems.
Structural Roots: Beyond Banking
Suleiman Al-Shahoumi, founder of the Libyan Securities Market, argued the liquidity crisis evolved into a full economic crisis. "A large portion of circulating cash left the banking cycle into currency speculation, real estate, and gold, amid declining productive activities and weakening trust," he said. Restoring real trust requires deeper reforms — returning banks to financing roles, stabilizing exchange rates, and closing the gap between official and parallel prices that distorts the private sector.
Cyber Attack Tests Digital Infrastructure
These gains emerged even as the CBL's systems faced a cyber attack that disrupted clearing and transfer services. The incident raised urgent questions about digital resilience at a time of rapid electronic expansion. Observers say the attack tests a trust no longer tied solely to cash availability but also to protecting data and ensuring service continuity.
Why This Matters for Every Libyan
The liquidity crisis touched every Libyan household for over a decade. From salary delays to savings eroded by parallel market premiums, inaccessible banking services have been among the most tangible consequences of institutional fragmentation. International estimates point to relative economic improvement over the past two years, driven by rising oil production and better public revenues. But structural challenges — fiscal governance, transparency, spending management, and income diversification — continue to threaten stability. The 3-track strategy offers a credible framework, but its sustainability depends on political unity and institutional reform. For millions of Libyans watching their banks come back to life, the question is no longer whether improvement is possible — it is whether this time, it will last.
— LibyaPress / Economy Desk
