Libya's oil revenues for January and February 2020 crashed to LD 380 million, the Central Bank of Libya (CBL) has announced.
The Tripoli based Central Bank of Libya (CBL) announced in its latest statistical bulletin today that Libya’s oil revenues for January and February crashed to just LD 380 million. It confirmed NOC figures that the political oil blockade by eastern tribes / Khalifa Hafter has resulted in a revenue loss of US$ 2.7 bn over the last two months.
It reported that other revenues earnt LD 903 million while the foreign exchange levy earnt LD 6.1 bn.
Outgoings totalled LD 450 million, with state-sector wages receiving zero, operational expenses receiving LD 5 million, development projects zero and subsidies LD 445 million.
The CBL confirmed that the agreed 2020 state budget was set at LD 38.5 bn, which was awaiting approval by the Tripoli Libyan government.
The CBL pointed out that had received in January and February oil revenues of LD 3.251 bn, of which LD 2.87 bn were for December sales. Oils sales in January and February were US$ 380 million. It had also received telecoms revenues of LD 288 m were overdue from 2019.