Libya earned $14.3 bln in oil revenues over Jan-Aug period-central bank - The Libyan Report

Libya earned $14.3 bln in oil revenues over Jan-Aug period-central bank

TRIPOLI, Sept 9 (Reuters) - Libya earned 20.2 billion Libyan dinars ($14.3 billion) in oil revenues in the first eight months of the year, the central bank said in a statement on Monday.

The Tripoli-based central bank listed total government spending for the same period at 24.9 billion Libyan dinars, exceeding total revenues of 21.8 billion. It did not give comparative figures for the previous year.

Libya is divided between rival governments in Tripoli and the east, where there is a parallel central bank, making accurate national data hard to obtain.

However, the central bank in Tripoli has retained control over oil revenues, which are received through the National Oil Corporation (NOC) and account for the vast majority of the country’s dollar income.

Funds allocated to the National Oil Corporation (NOC) totalled $2.7 billion, while fees on dollar purchases totaled 14.9 billion Libyan dinars, the central bank said.

The fees were imposed last year by the internationally recognised, Tripoli-based Government of National Accord, in an effort to narrow the gap between official and black market rate.

The central bank said public salary payments totaled 13.8 billion Libyan dinars up to the end of July, and that it had not received salary spending figures for August from the finance ministry. (Reporting by Ahmed Elumami Editing by Aidan Lewis and Deepa Babington) source