Sanallah calls on Central Bank governor to provide "account statement" regarding oil revenues

Alwasat - Cairo Mon 30 Nov 2020, 04:26 PM
alwasat radio

The head of Libya's National Oil Corporation (NOC), Mustafa Sanallah, said that the corporation keeping oil revenues with Libya's foreign bank was a step that was legal "according to the law, and whoever says otherwise is between us and the judiciary."

Sanallah criticized the lack of transparency by Libya's Central Bank’s in spending oil money during the last period, wondering: Where does this money go, according to a video clip posted on the NOC's Facebook page.

He added in the video, "We notice dinosaurs and cement monsters ... and they were destitute people ... now they have hundreds of millions, not tens of millions or tens of thousands ... sometimes reaching more than a billion."

He continued: “These funds were obtained with fake credits from the Central Bank.”

Sanallah also touched on the difference in the exchange rates of the dollar against the Libyan dinar between the official market and the black market, and directly accused the governor of the Central Bank of "selling the dollar for 1.40 Libyan dinars (for some people) and then selling it back to citizens at prices varying between six and ten dinars." Saying: "This absurdity cannot continue."

Sanalla reiterated that the corporation will keep oil money in the Libyan Foreign Bank "until there is transparency and there is a single exchange rate." Denouncing the existence of four exchange rates as "chaos and failed monetary policies."

Related Topics