TUNIS: Libya’s central bank reserves are seen falling by about 20% this year because of a blockade on energy exports by eastern-based forces that has slashed revenues, the audit bureau said.
Annual oil revenues are expected to fall to $5 billion from $31 billion last year, dragging the central bank reserves down to $50 billion, it said.
Eastern-based forces shut down oil exports in January. Global oil prices have also crashed as the coronavirus pandemic hits demand, with no prospect of a quick recovery in sight.
The fiscal deficit is forecast to reach 26.7 billion dinars ($19 billion) this year compared to a surplus of 11 billion dinars in 2019, the Tripoli-based audit bureau said in a video posted on Facebook on Friday.
Libya has been split since 2014 between the internationally recognized Government of National Accord (GNA) in Tripoli and a rival administration in Benghazi that controls eastern Libya and has set up parallel institutions.
Although most oil production and export facilities are in the east, international agreements mean it can only be sold by the National Oil Company (NOC) in Tripoli, with revenue flowing through the Tripoli-based Central Bank of Libya (CBL).
The oil revenue is then used to finance state operations across the country, including the salaries of public sector employees in the east as well as areas controlled by the GNA.
Eastern-based forces shut off exports in January and the oil price has since crashed, leading to an immediate reduction in revenue.
The GNA earlier this year issued a state budget with forecast spending but without giving figures for expected revenues.
Libyan central bank reserves to fall 20% as oil revenues sink: Audit bureau
https://arab.news/5asav
Libyan central bank reserves to fall 20% as oil revenues sink: Audit bureau
- Annual oil revenues are expected to fall to $5 billion from $31 billion last year, dragging the central bank reserves down to $50 billion
- The fiscal deficit is forecast to reach 26.7 billion dinars ($19 billion) this year compared to a surplus of 11 billion dinars in 2019
Saudi e-commerce via mada cards hits record $8.18bn in October
RIYADH: E-commerce spending in Saudi Arabia via mada cards surged to a record monthly high in October, exceeding SR30.7 billion ($8.18 billion).
The increase marked a 68 percent year-on-year rise, or about SR12.4 billion more than the SR18.3 billion recorded in October 2024, according to the statistical bulletin of the Saudi Central Bank, known as SAMA.
E-commerce sales in the third quarter of 2025 reached SR88.3 billion, up 15.2 percent from the previous quarter, an increase of around SR11.6 billion from SR76.6 billion in the second quarter.
On a month-on-month basis, e-commerce sales in October rose 6 percent, gaining roughly SR1.6 billion from September’s total of SR29.1 billion.
From January to October, mada data showed e-commerce sales climbed 47.3 percent, rising by about SR9.9 billion from the SR20.9 billion recorded in January.
The series tracks e-commerce transactions conducted via mada cards, including online purchases, in-app payments and e-wallet checkouts, while excluding transactions processed through credit card networks.
