Libyan central bank starts withdrawing old currency

by **ADMIN** Sat Jan 21, 2012 1:21 pm

By Oliver Holmes

TRIPOLI Jan 13 (Reuters) - Libya's central bank has started withdrawing old currency in an apparent attempt to restore liquidity into the country's banking system after it found that the vast majority of funds are being kept outside banks.

"One of the biggest implications in the economy is the increase of the percentage of money in the market outside the banks which is in excess of 15 billion dinars ($12 billion) or 96 per cent of available money," Saddeq Omar Elkaber, governor of the central bank told reporters on Friday.

"The bank has started printing a new Libyan currency to replace exist notes," he added.

ElKaber said that the central bank has set a timeline for withdrawing the old currency starting with the fifty dinar note, the highest value banknote.

"The bank is asking the Libyan banks to accept or facilitate the handover by accepting the fifty dinar banknotes," he said.

This measure is an indication that the Central Bank wants to return confidence to Libya's banking system, which suffered severely during the civil war that ended ex-leader Muammar Gaddafi's 42-year rule.

Read more here: http://af.reuters.com/article/libyaNews/idAFL6E8CD43320120113?sp=true

by supergirl Sat Jan 21, 2012 1:51 pm

interesting...time to start another.

by ou812 Sat Jan 21, 2012 1:53 pm

supergirl wrote:interesting...time to start another.

Maybe it will be as successful as the IQD was , wait "HUH"

by geezer Sat Jan 21, 2012 2:18 pm

IT WILL MAKE IRAQ LOOK LIKE CRAP BECAUSE THEY GOT IT DONE IN NO TIME AT ALL.

by **ADMIN** Sat Jan 21, 2012 2:22 pm

The Central Bank of Libya (CBL) is the monetary authority in Libya and enjoys the status of autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya , and to promote the sustained growth of the economy in accordance with the general economic policy of the state.

The headquarter of the Central Bank is in Tripoli. However, to make the CBL services more accessible to commercial banks branches and public departments located far from the headquarter, the CBL has three branches located in Benghazi, Sabha and Sirte.

In March 2011, the governor of CBL, Farhat Bengdara, resigned and defected to the rebelling side of the 2011 Libyan civil war, having first arranged for the bulk of external Libyan assets to be frozen and unavailable to the Gaddafi regime.[1] As of September 2011, the bank's governor is Gasem Azzoz.[2]

http://en.wikipedia.org/wiki/Central_Bank_of_Libya

by supergirl Sat Jan 21, 2012 2:25 pm

@geezer - exactly!

by **ADMIN** Sat Jan 21, 2012 2:25 pm

Thu Sep 1, 2011 11:44am BST

BENGHAZI, Libya (Reuters) - Britain's air force has flown 40 tonnes of freshly printed bank notes -- many bearing the image of fallen strongman Muammar Gaddafi -- into Libya to help its new rulers pay public workers and its banks to replenish cash machines.

The 280 million Libyan dinars, officially worth about $234 million (144 million pounds), is part of a consignment worth about $1.5 billion ordered by Gaddafi from British printing firm De La Rue Plc but blocked by Britain in March after he cracked down on protests.

http://uk.reuters.com/article/2011/09/01/uk-libya-britain-cash-idUKTRE77U4OR20110901

by SEBtopdog Sat Jan 21, 2012 2:27 pm

Libya sounds like the next hot currency, but most of us should probably ride out the Iraqi dinar roller coaster before getting involved in another investment. If you have a strong consitution, your stomach can probably take the ride. Libyan central bank starts withdrawing old currency 761671673

Libyan central bank starts withdrawing old currency 761671673

by **ADMIN** Sat Jan 21, 2012 2:30 pm

Heck no... I will NEVER do this thing again...

by geezer Sat Jan 21, 2012 2:41 pm

Miskebam wrote:Thu Sep 1, 2011 11:44am BST

BENGHAZI, Libya (Reuters) - Britain's air force has flown 40 tonnes of freshly printed bank notes -- many bearing the image of fallen strongman Muammar Gaddafi -- into Libya to help its new rulers pay public workers and its banks to replenish cash machines.

The 280 million Libyan dinars, officially worth about $234 million (144 million pounds), is part of a consignment worth about $1.5 billion ordered by Gaddafi from British printing firm De La Rue Plc but blocked by Britain in March after he cracked down on protests.

http://uk.reuters.com/article/2011/09/01/uk-libya-britain-cash-idUKTRE77U4OR20110901
MAKES YOU WANDER IF THIS IRAQI THING IS REAL? I MEAN LOOK HOW FAST LIBIA IS BOUNCEING BACK ON THERE BANKING SYSTEM.

by geezer Sat Jan 21, 2012 2:43 pm

KINDA MAKES SHABIBI LOOK PRETTY BAD ,,....

by **ADMIN** Sat Jan 21, 2012 2:46 pm

geezer wrote:MAKES YOU WANDER IF THIS IRAQI THING IS REAL? I MEAN LOOK HOW FAST LIBIA IS BOUNCEING BACK ON THERE BANKING SYSTEM.

I was pointing out the timing... funny how the currency went into place when the leader of the country was brought down... Look at the dates of the articles I provided...

Libyan central bank starts withdrawing old currency

Libyan central bank starts withdrawing old currency

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Re: Libyan central bank starts withdrawing old currency

Re: Libyan central bank starts withdrawing old currency

Re: Libyan central bank starts withdrawing old currency

Re: Libyan central bank starts withdrawing old currency

Re: Libyan central bank starts withdrawing old currency

Re: Libyan central bank starts withdrawing old currency

Re: Libyan central bank starts withdrawing old currency

Re: Libyan central bank starts withdrawing old currency