BusinessLibya

Sabha’s banks supplied with LYD 82M in cash to ease liquidity crisis

Sabha’s banks were supplied with LYD 82 million in cash on Tuesday to solve a Liquidity crisis, according to Dean of Sabha’s Municipality Hamed Al- Khayali.

In the past few days, cash has been provided to banks in Libya’s southern region to enable citizens to withdraw money.

The Presidency Council (PC) had vowed to address the cash shortage in the southern region in coordination with the Central Bank of Libya.

Following the 2011 uprising, the Libyan economy has been suffering from the decrease of oil revenues, the country’s main source of income, due to closure of oilfields and ports as armed conflicts raged.

For a long time, the two rival governments, one practically led by Commander of Libyan National Army (LNA) Khalifa Haftar and head of PC Faiez Sarraj, did not focus on the southern region, but rather on the east and on the capital, respectively.

Amid the absence of security and basic services, armed and terrorist groups exploited the vaccine in the vast area.

Moreover, the Libyan dinar has declined and cash available for withdrawal has significantly decreased in Libyan banks, affecting the south harder than any other area.

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