Libya's Central Bank reports 1.7 million public sector employees now use automated salary system
via Libya Herald1 min read
The Central Bank of Libya CBL announced that approximately 1.7 million public sector employees are now registered in the Your Instant Salary automated system as of April, a 75% participation rate compared to 2.2 million previously. The CBL also confirmed the start of April salary payments through this system. This paperless initiative aims to enhance speed and accuracy, and to prevent duplication and corruption in the disbursement of state-sector salaries. The CBL stated that it received April salary payment authorizations from the Ministry of Finance, which have been transferred to commercial banks for immediate processing. The system allows citizens to transparently track their salary payments. The CBL encourages all sectors to adopt the system, highlighting its ease of access to salaries and its role in safeguarding public funds. This system is part of broader efforts to digitally transform and improve transparency in public financial management, ensuring timely salary delivery. The CBL plans to further develop the system by automating the complaints mechanism and resolving undisbursed salary issues in collaboration with the Ministry of Finance, reaffirming its commitment to digital banking services and efficient disbursement procedures.
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.
Must ReadLibya’s National Oil Corporation NOC and American oil giant Chevron have signed a Memorandum of Understanding MoU to jointly study the potential of unconventional shale oil and gas resources in Libya. The study will focus on the Sirte, Murzuq, and Ghadames sedimentary basins, with technical teams from both entities analyzing data to assess development opportunities. Estimates suggest Libya holds approximately 123 trillion cubic feet of gas reserves and 18 billion barrels of oil reserves. NOC Chairman, Masoud Suleiman, stated that this MoU is a significant step, aiming to bolster national reserves and enhance Libya’s role in energy markets. He noted this is the first joint study in Libya to assess unconventional resources. A key aspect of the agreement is the collaboration between Libyan and Chevron staff, which is expected to provide valuable practical and technical development for Libyan cadres in this field.
Must ReadThe Central Bank of Libya CBL has issued new instructions to banks in Libya, loosening foreign currency controls. A leaked letter dated April 28, addressed to all General Managers of banks, indicates that the CBL now permits banks to accept cash deposits and incoming foreign currency transfers. Banks can use these funds for direct transfers within the country and for external transfers. Additionally, the new directives allow banks to open letters of credit, issue and load Visa and Mastercard cards, and facilitate fast transfers via Western Union and MoneyGram. These measures are intended to strengthen the Libyan dinar on the black-market foreign exchange, undercut currency speculators, and are part of the CBL’s broader economic reform efforts.
The Tripoli Chamber of Commerce, in collaboration with the Commercial Attaché of the Spanish Embassy in Tripoli, announced the organization of bilateral business meetings B2B for 11 May at the Chamber’s Tripoli headquarters. These meetings aim to connect Libyan companies with their Spanish counterparts to foster commercial partnerships and open new communication channels between the two nations. Targeted sectors for these B2B meetings include food industries, household insecticides, engine oils and lubricants, medium voltage electrical equipment, tobacco, and construction equipment and industrial machinery. This initiative follows recent developments such as MedSky airlines commencing direct flights between Tripoli and Madrid on 21 April, and the Libyan Spanish Business Forum held in Madrid from 23 to 24 April.
The Danish Chamber of Industry and Libya’s General Union of Chambers have signed a Memorandum of Understanding to strengthen economic cooperation and activate bilateral partnerships. This agreement aims to contribute to economic development and serve the interests of both countries. The signing occurred during an official visit by a delegation from the General Union of Chambers, led by its President Mohamed Raied, to Denmark. The delegation arrived in Copenhagen on April 26 and was received by members of the Libyan Embassy in Denmark. The General Union stated that the visit is part of efforts to strengthen international economic relations and expand cooperation. During a meeting with officials from the Danish Chamber of Industry, opportunities for economic and investment cooperation were explored. The Danish side expressed interest in developing cooperative relations with Libya and establishing effective communication channels for sustainable strategic partnerships. The Libyan delegation provided an overview of Libya's economic developments, highlighting its progress towards stability and attractive investment environment. Mohamed Al-Raied, President of the General Union, also discussed the Union's role as an umbrella organization for Libya's private sector in promoting economic activity and developing the business environment. The General Union of Chambers reiterated its commitment to building international economic relations and enhancing the Libyan private sector's presenc