Libya's foreign currency usage by banks reaches over US$15.987 billion by July 2026
The Central Bank of Libya reported that total foreign currency usage by banks from January to July 2026 exceeded US$15.987 billion. This represents an increase of approximately US$651 million, or 4.2%, compared to the same period in 2025. Letters of credit constituted the largest portion of this usage at US$8.3 billion, followed by personal foreign currency use at about US$5.3 billion, remittances at US$2.3 billion, and merchant cards at US$39 million. Libya imports goods and services from around 100 countries, with Turkey, China, Egypt, Italy, Russia, Germany, India, Tunisia, Ukraine, and France being the top ten. Approximately 2,763 private sector companies and factories had their foreign currency requests approved during this period. Al-Naseem Food Industries, owned by House of Representatives member Mohamed Raied, led the list of companies purchasing foreign currency with over US$111 million, followed by Africa Beverage Packaging Company with about US$83 million, and Al-Hazzaz Tourism Services and Investment Company with over US$68 million. The distribution and use of Libya's oil-generated foreign currency by the Central Bank of Libya at the official exchange rate is a politically sensitive issue, with ongoing discussions about import priorities and the impact of dollar disbursement on the black-market exchange rate. Concerns also exist that successive interim Libyan governments are depleting the nation's hard currency reserves rather than increasing them, due to a failur
