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Libyan Newswire

CBL Attributes Shortage of Liquidity at Banks to Hoarding, Division and Corruption

Tripoli, 8 March 2016(Lana) The Central Bank of Libya has attributed the current money shortage crisis in the banks to the fact that LD 24 billion are being circulated outside the banks. This amount which is mainly hoarded by businessmen has led acute shortage of liquidity at commercial banks, said Issam Al oul, the CBL Spokesman, who added that if only 1 percent was deposited to bank accounts, it would have promptly ended the money shortage problem. Al Oul noted that there were other reasons to money shortage at banks, which is the political and administrative division in the country, diminishing of revenues as a result of closure of oil fields and terminals, and the growing corruption at public and private sectors

Source: Libya News Agency