Businessman Husni Bey expressed his concern about the media escalation following the Central Bank of Libya’s statement regarding the replacement of the (1, 5, 20, 50) dinar denominations during 2025, considering the measure “bold and necessary” to achieve monetary stability after the 2014 division and the repercussions of the parallel clearing system and the printing of currency in Russia.
Bey said what is required is to avoid repeating the monetary division scenario, to start from where we are now and not go backward, and to leave the past to historians and the judiciary, while directing efforts toward the future.
He explained that the money supply increased from about 69 billion dinars in 2014 to approximately 186.9 billion by mid-2025 (including the currency printed in Russia, estimated at 30 billion), which signifies a growth of nearly 300% over a decade and reflects challenges to stability and the price level.
He stated that the Central Bank’s recent data estimated the money supply at 188 billion dinars as of December 31, 2024, compared to 158 billion in previous reports (+19%), with a difference reaching 27% by the end of 2022. This raises questions about the accuracy of previous statistics and underscores the need to unify data sources after years of division.
He pointed out that the estimate of currency printed in Russia has actually risen to 30 billion dinars (compared to a previous estimate of 20 billion). The Central Bank also withdrew small and medium denominations worth 47 billion dinars and issued 25 billion in their place, resulting in a net monetary loss of nearly 22 billion.
Bey stressed that acknowledging the financial reality is the first step toward responsible policies that reduce inflation and protect purchasing power, calling for a unified vision, transparent planning, candor, accountability, and institutional work away from regional squabbles. He concluded: “Monetary stability is not achieved by going backward, but by understanding, integration, and working with a purely national spirit.”