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 Libya's parallel central bank issues banknotes printed in Russia

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PostSubject: Libya's parallel central bank issues banknotes printed in Russia   Fri May 27, 2016 8:59 am

[size=34]Libya's parallel central bank issues banknotes printed in Russia[/size]
Published time: 26 May, 2016 14:33Edited time: 26 May, 2016 14:41

The Central Bank of Libya (CBL) of the unrecognized eastern government has printed four billion dinars worth of banknotes.

[size=13][size=20]Read more

Renegade Libyan east ships first tanker of crude

The new notes of 20 and 50 dinar denominations were printed in Russia and will be put into circulation on June 1, reports The Libya Observer citing the eastern central bank.
“The printed notes are worth four billion Libyan dinars and are the same sizes and denominations as the current banknotes,” central bank governor Ali Salim al-Hibri told Libyan Al-Iktisadia TV, stressing that there would be no conflict with the existing currency.
Last summer, the International Monetary Fund (IMF) recognized Al-Hibri as the central bank governor and as its sole contact in the country.
Samples of the new banknotes were presented at a meeting of the two Central Banks of Libya and the Presidential Council in Tunis in May, the statement said.
However, the US Embassy in Libya declared the banknotes to be counterfeit. “Such notes could undermine confidence in Libya’s currency and the CBL’s ability to manage monetary policy to enable economic recovery,” it said in a statement.[/size][/size]
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