Member of the House of Representatives Abdel Moneim Al-Arfi confirmed that Tuesday’s parliament session was called by the presidency of the House. He explained that MPs demanded accountability from the Central Bank of Libya and a clarification of the facts regarding the financial and economic situation, particularly the issue of liquidity and the withdrawal of the 5, 20, and 50 dinar banknote series, in addition to the governor’s previous promises to resolve the crisis before the end of October.
Issues Raised: Counterfeiting and Remedial Policies
Al-Arfi said the MPs discussed the Central Bank’s statement regarding the existence of nearly 10 billion dinars in counterfeit currency and the monetary policies adopted to address the phenomenon. They also discussed proposals to regulate the cap on cash withdrawals to restore trust between citizens and banks after most liquidity has exited the system.
Dollar Taxes and Unclear Revenues
The House addressed the delay in repealing the tax imposed on the dollar since 2018 and the lack of clarity regarding the fate of tax collection revenues.
1.4 Billion for Salaries… Only 50 Million Returned to the Banking System
Al-Arfi noted that about 1.4 billion dinars were injected as salary allocations and distributed to banks, yet only 50 million returned to the banking system, raising questions about the whereabouts of the remaining funds.
Two Options Before the House to Question the Central Bank
He explained that the discussion resulted in two options:
1. Holding a meeting that includes the governor and the board of directors with the parliament’s finance and economy committees.
2. Having the governor appear directly before the House of Representatives to present the details of monetary policy and defend the bank’s performance.
Appropriations Without a Budget and Widening Disparities
Al-Arfi pointed out that appropriations are granted without a clear budget and that billions of dinars are given to specific families, which has exacerbated disparities and affected citizens who pay the price for these policies amidst a lack of savings and individuals keeping their money at home.
Accountability Session Scheduled
Al-Arfi concluded that the session on November 3rd will be dedicated to summoning the governor of the Central Bank and its board of directors to question them directly about the liquidity issue, foreign exchange management mechanisms, and the need to stop speculation in the currency, which has been turned into a commodity bought and sold outside the state’s framework, threatening the national economy.