Central Bank of Libya sells $15.7 billion in foreign currency to commercial banks by July 21, with $3.5 billion more approved
via Libya Herald4 min read
The Central Bank of Libya CBL reported foreign currency sales to commercial banks totaling US$ 15.7 billion as of July 21, 2026. This amount includes US$ 5 billion for personal allowances and US$ 10.7 billion for commercial requirements such as letters of credit and remittances. Additionally, the CBL has approved an extra US$ 3.5 billion in letters of credit and remittances, which will be distributed to commercial banks soon. This initiative aims to stabilize the exchange market, meet accumulated demand for foreign currency, and ensure the availability of goods in the local market. The CBL's policy also seeks to reduce pressure on currency prices, as the Libyan dinar recently traded at approximately 8.55 per dollar on the black market.
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Libya Herald.
Naaman Elbouri, a former banker and current fintech CEO, proposes a national initiative to convert Libya's electricity subsidies into sustainable solar energy investments. This comes in response to increasing power cuts, a recent blackout affecting a vast area from Misrata to the Egyptian border, and the government's diversion of electricity from industries. The Prime Minister, Abdel Hamid Aldabaiba, has acknowledged billions spent on the electricity sector without resolving power issues. Elbouri suggests the Central Bank of Libya launch an initiative by providing commercial banks with credit lines equal to the annual GECOL subsidy. These banks would then offer concessional loans to citizens for purchasing and installing home solar energy systems, repayable over ten years. This approach aims to reduce pressure on the public grid, limit outages, decrease government spending, and create jobs in the solar energy sector. The proposal highlights sustainable financial savings by shifting government spending from operating expenses to productive assets and easing GECOL's financial burden. The implementation mechanism involves long-term credit lines from the Central Bank and concessional loans from commercial banks, with the solar system serving as collateral or payments collected from salaries. Challenges include securing initial financing of $3,000-$6,000 per household and ensuring quality through standardized technical specifications and licensed companies. The initiative is prese
Benghazi University's Business Incubator, in collaboration with the Roaya Foundation for Digital Economic Development and Strategic Studies, has launched the 'Nawat - Tech Venture 2026' competition. This initiative aims to identify innovative technology projects and prototypes from students, graduates, programmers, and entrepreneurs. The program seeks to connect these innovators with potential investors and companies, providing a platform to showcase their work and facilitate direct engagement for investment opportunities.
The Samsung Innovation Campus program and the Office of the Minister of State for Digital Economy and Artificial Intelligence have signed a cooperation agreement to train Libyan youth. The agreement, signed by Minister of State Ziad Al-Hajjaji and the program's regional director, aims to empower 150 young men and women across Libya with digital skills and artificial intelligence knowledge. This initiative is part of the Prime Minister's program to build youth capacity in AI and seeks to enhance their readiness for the labor market and future economy. The virtual program, running from August 11 to October 6, 2026, will utilize live interactive sessions and self-paced learning. It is a global initiative Samsung has implemented in 42 countries since 2019, aligning with efforts to expand partnerships and support national capacity-building in digital transformation and AI.