The Risk and Investment Committee of the Central Bank of Libya held its third periodic meeting on Wednesday at the Governor’s office (Chairman of the Committee) to discuss a number of strategic items related to the management of the bank’s foreign assets and investments.
The committee reviewed the report on the bank’s foreign currency assets, which include gold and various financial assets in foreign currencies, noting the positive impact of rising gold and currency prices on the total value of the investment portfolios, which reached approximately 98.8 billion US dollars. Gold constitutes $18.164 billion of this, or 18.38%, with most of it used as currency cover.
The committee reviewed the investment returns generated from these assets up to September 30, which amounted to 2 billion US dollars. This reflects a positive performance in managing foreign reserves and contributes to mitigating the deficit in oil revenues and the balance of payments resulting from expanded spending on foreign currency.
In a move to enhance investment tools, diversify revenue sources for commercial banks, and activate a monetary policy tool, the committee discussed launching Unrestricted Mudarabah certificates of deposit. It was decided to begin announcing the first issuance for commercial banks starting Sunday, October 12, reflecting the bank’s direction toward expanding the investment base and maximizing the use of available liquidity in the local market.
The bank affirmed that the meeting is part of its commitment to enhancing transparency and efficiency in managing its foreign currency reserves and presenting a positive image of the country’s monetary, financial, and economic stability indicators. This supports confidence in its monetary policy and strengthens the bank’s position as a leading financial institution in the region.