Statement of the Monetary Policy Committee on January 14, 2025
On Tuesday, January 14, 2025, the Monetary Policy Committee held its first meeting, headed by H.E. the Governor and Deputy Governor, and attended by committee members at the headquarters of the Central Bank of Libya – Tripoli, where the committee reviewed the general economic and financial situation of the country, evaluated the efficiency of monetary policy, and observed the development of the Libyan dinar exchange rate in light of economic data and developments, and the expansionary public spending policy of the two governments for the year 2024. The committee discussed expectations of economic activity (local and global), and forecasts of crude oil production and prices. In addition to reviewing the analysis of financial soundness indicators, the development of the volume of foreign exchange usage, revenues, and expenditures, and comparing statistics for the previous three years.
The committee concluded the need to coordinate between economic policies (monetary, financial, and commercial), and to begin activating the tools that enable the Central Bank of Libya to achieve its goals in response to all circumstances. To emphasize the importance of expediting the approval of a unified balanced budget for the year 2025, as well as the necessity of periodically transferring oil revenues to the Central Bank of Libya, enhancing the principles of transparency and disclosure, emphasizing the independence of the Central Bank and ensuring the professionalism of its decisions in everything related to exchange rate policy and monetary policy, in order to achieve monetary stability and international financial sustainability.
Statement of the Monetary Policy Committee on March 28, 2012
On Tuesday, March 27, 2012, the Monetary Policy Committee of the Central Bank of Libya held its second regular meeting of 2012 under the chaired by the Governor, with the full attendance of its members. After reviewing both local and international economic developments and the forecasted changes at local and international levels for the upcoming period, the committee adopted the following decisions:
- Rediscount Rate: Remain at the current level of 3%.
- Interest Rate on 91-Day Deposit Certificates: Remain at the current level of 1.0%.
- Interest Rate on 28-Day Deposit Certificates: Remain at the current level of 0.85%.
- Interest Rate on One-Night Facility: Remain at 0.25%.
- Required Reserve Ratio: Remain at the current rate of 20%.
- Liquidity Ratio: Remain at the current level of 25%.
The Monetary Policy of the Central Bank of Libya during the period (2002-2010).
During the period from 2002 to 2010, the Central Bank of Libya took several measures related to monetary policy and achieving its objectives of stabilizing the general price level and maintaining the soundness of the banking system, in accordance with the Bank's purposes and the means of achieving these purposes as stipulated by law.
Given the importance of monetary policy in bringing about the desired change at the macroeconomic level, which relies on utilizing data and information available in the monetary sector and studying its various effects on economic activity, the Governor of the Central Bank of Libya issued Decision No. (32) of 2005, dated April 7, 2005, establishing the “Monetary Policy Committee” within the Bank. This committee comprised Bank officials and external specialists tasked with developing the general framework for monetary policy to ensure the achievement of its objectives, studying all matters related to the performance of monetary and banking policy and its effects on economic activity, and submitting recommendations to the Board of Directors for its consideration.