Libya.. 350 million dinars arrived in banks in a new step to alleviate the cash liquidity crisis

Libyan media sources, citing an official at the Central Bank of Libya, reported the arrival of a new batch of cash printed abroad worth 350 million Libyan dinars, as part of efforts aimed at supporting the banking sector and alleviating the liquidity scarcity crisis witnessed in several regions of the country.

According to circulating data, the shipment entered through the state’s official ports as part of a plan adopted by the Central Bank of Libya to supply commercial banks with their cash needs and enable them to respond to the increasing withdrawal requests from citizens.

The source explained that the process of distributing liquidity will take place according to a timetable that includes various branches of commercial banks, with priority given to areas that experience greater pressure on withdrawals and a noticeable shortage in the availability of cash.

This step comes at a time when a number of citizens are still facing difficulties in obtaining cash, amid continued crowding in front of some bank branches and automated withdrawal machines, in addition to increasing reliance on direct cash transactions in a number of sectors.

The same source indicated that this payment falls within a series of ongoing measures aimed at improving the flow of liquidity within the Libyan banking market, in parallel with other efforts made by the Central Bank of Libya to enhance the stability of its digital services after some of its systems were exposed to a cyber attack during the recent period.

Observers of Libyan economic affairs believe that pumping an additional 350 million dinars into the market may contribute to relieving pressure on banks and improving monetary circulation, especially in light of the high demand for liquidity in recent weeks.

For years, Libya has faced recurring challenges related to the availability of liquidity within the banking system, which has a direct impact on the daily lives of citizens and leads to disparities in the availability of cash between regions and continuous crowding in front of banking institutions.

Source: “My press”

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