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Oil revenues account for 92.8% of Libya’s income by mid-2019

Oil revenues contributed 92.8 percent of the state budget’s revenues from January to June 2019, according to the Central Bank of Libya’s (CBL) Tuesday statement on revenues and expenditures.

In accordance with the financial regulations adopted this year for all sectors and regions, the CBL asserts that the state’s revenues covered all expenditures listed on the budget.

CBL said the fees on foreign exchange transactions in 2018 amounted to LYD 13.2 billion, of which LYD 5 billion were allocated to development projects in various sectors and regions, and other LYD 5 billion for repaying the public debt from last year.

In addition, 55.2 percent of the total expenditure in this period was allocated for salaries.

Libya’s sovereign state revenues totaled LYD 15.47 billion, down LYD 31 million than projected.

Revenues from its newly introduced foreign currency transaction tax contributed LYD 11.1 billion, up from the projected LYD 7.9 billion.

This new tax was introduced in the 2018 reforms to help ease the cash crisis, earn an alternative revenue for the state, and reduce the black-market foreign currency exchange rates, the Tripoli-based CBL reported in its latest bulletin.

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