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Dwindling export volumes have led the IMF, in its latest World Economic Outlook, released last week, to raise its budget breakeven oil price forecast for Libya for 2014 to almost $190/B.
“We have enough funds for three years without getting a single cent from oil,” the head of the CBL reserves department Musbah Alkari told the Libya Herald on 6 April. He says the bank has over $115bn in foreign currency reserves placed outside the country in banks like HSBC, Bank of New York and Barclays. Around 60% held in dollars and the remainder in euros and sterling, he says.
In addition, Libya has some $50bn in its sovereign wealth fund held by the Libyan Investment Authority (LIA), the official says. According to the latest ranking by the SWF Institute, LIA assets total $60bn, down $5bn from data published in February (MEES, 21 February). (CONTINUED - 442 WORDS)