Tripoli: The Central Bank of Libya (CBL) has disclosed the discovery of counterfeit currency exceeding 3.5 billion dinars in the form of 50-dinar notes, which were printed in Russia. This revelation came after the CBL sorted through the deposits made by commercial banks.
According to Libyan News Agency, the CBL issued a statement noting that the total amount of this 50-dinar denomination printed in Russia was 6.650 billion dinars. However, the deposits received by the CBL amounted to approximately 10.211 billion dinars, surpassing the officially issued amounts as per the Benghazi Issuance Department’s records.
The CBL highlighted that this discrepancy does not comply with Article (39) of the Banking Law and is not recorded in the CBL’s Benghazi records, constituting unlawful appropriation and posing a threat to the national economy.
Furthermore, the CBL clarified that the first edition of the 50-dinar notes had an issuance of 7 billion dinars, with deposits totaling about 6.828 billion dinars. The unauthorized printing of this denomination outside the CBL has adversely affected the Libyan dinar’s value, led to a spike in foreign currency demand on the parallel market, and increased money laundering and terrorist financing risks.
In response, the CBL’s Board of Directors has decided to withdraw the 20-dinar denomination from circulation, replacing it with a more secure currency due to concerns over unauthorized printing. The deadline for this transition is set for September 30, 2025, to safeguard the currency’s integrity and strength.
The CBL has taken comprehensive legal actions, including reporting the issue to the Attorney General and notifying the House of Representatives. The bank intends to disclose the final results once its departments complete the counting and sorting process.