Report: Libya's foreign exchange reserves up 13% in 2017

Alwasat - Cairo Wed 18 Jul 2018, 09:46 PM
alwasat radio

The African Bank for Import and Export disclosed that Libya's foreign exchange reserves rose by more than 13% in 2017 due to the recovery in oil prices and production.

According to the African Trade Report 2018, published by the African Bank for Import and Export, on Wednesday, Libya was included in the African economies which recorded a 6.3% overall growth in their foreign exchange reserves.

The report said that "the recovery in oil prices and production, increased foreign exchange reserves by about 13.1% in Libya, 22.1% in Gabon and 50% in Nigeria during the period under review."

It also noted that this performance was also due to increased capital flows in the region.

According to the document, Africa's reserves of foreign reserves reached $ 421.53 billion in 2017, up from $ 396.3 billion in 2016. After a contraction of 9.4 percent in the previous year.

According to Bank experts, this performance is mainly due to the sustained recovery in commodity prices, which also led to higher export earnings, with the oil sector being the main driver of this recovery, with nearly 45% of the continent's export earnings.

95 percent of Libya's budget is contingent on oil sales, but has seen a sharp decline in light of the growing political and military conflict in recent years.

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