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🛒 تسوق الآنLibya Foreign Exchange Deficit Exceeds 9 Billion Dollars in 2025
Libya's Foreign Exchange Deficit Exceeds Billion in 2025, Oversight Authority Reports
Libya's Administrative Oversight Authority has revealed that the country's foreign exchange deficit reached more than 9 billion dollars in 2025, according to its annual report — one of the most comprehensive official audits of the nation's financial and administrative performance. The report, spanning 1,511 pages across two volumes, paints a stark picture of widening fiscal imbalances driven by rising public spending and volatile oil revenues.
Main Facts and Key Details
The annual reports numbered 54 (for 2024) and 55 (for 2025) provide a detailed breakdown of oil revenues, foreign exchange utilization, and public expenditure over the past five years. According to the published data, oil revenues and royalties in 2021 stood at approximately 22.88 billion dollars, against foreign exchange utilization of 24.50 billion dollars, resulting in a deficit of 1.62 billion dollars. The year 2022 was the exception, recording a surplus of 6.70 billion dollars as oil revenues climbed to 27.30 billion dollars while foreign exchange usage dropped to 20.60 billion dollars.
However, the trend reversed sharply in subsequent years. In 2023, oil revenues fell to 25.35 billion dollars while foreign exchange utilization rose to 26.44 billion dollars, producing a deficit of 1.09 billion dollars. The situation deteriorated further in 2024, when oil revenues dropped to 18.60 billion dollars against 27.02 billion dollars in foreign exchange usage — a deficit of 8.42 billion dollars. For 2025, foreign exchange utilization climbed to 31.12 billion dollars while oil revenues recovered modestly to 22.05 billion dollars, leaving a deficit of 9.07 billion dollars. Public expenditure also surged from 85.775 billion dinars in 2021 to 136.838 billion dinars in 2025, reflecting a nearly 60 percent increase in government spending over the period.
Reactions and Context
The Oversight Authority's report is considered one of the most significant official oversight documents in Libya, providing a comprehensive review of the state's financial and administrative performance while identifying economic and administrative irregularities. The report covers 11 chapters addressing statistics and indicators, monetary policy, public finance, civil service, stalled strategic projects, healthcare, Libyan investments, and the oil and gas sector, among others.
Economic analysts note that the widening foreign exchange gap reflects structural weaknesses in Libya's rentier economy, which remains almost entirely dependent on hydrocarbon revenues. The fluctuation in oil income — from a peak of 27.30 billion dollars in 2022 to a low of 18.60 billion dollars in 2024 — underscores the vulnerability of public finances to global oil market dynamics. Meanwhile, the steady rise in foreign exchange utilization suggests growing import dependency and mounting pressure on the country's foreign currency reserves.
Challenges and Outlook
The persistent foreign exchange deficit poses significant challenges for Libya's monetary stability and the Central Bank's ability to maintain the official exchange rate. The dinar has experienced gradual depreciation, with the official rate fluctuating between 5.90 and 6.05 dinars per dollar in 2025, alongside a 15 percent currency transaction fee imposed by authorities. Economists warn that without meaningful economic diversification, fiscal reforms, and resolution of the ongoing political division between rival governments, the deficit trajectory is likely to continue.
The Oversight Authority's findings are expected to intensify calls for unified financial governance and transparent management of oil revenues — key demands that international institutions and Libyan reform advocates have repeatedly emphasized as prerequisites for sustainable economic recovery.
