29.09.2014 - With $100 billion in foreign reserves: is Libya's central bank monopolizing the country's economic potential?
Oil accounts for 95 percent of state revenue in Libya and 65 percent of the country's Gross Domestic Product (GDP). The country has the largest oil reserves in Africa and the fifth largest in the world, with oil terminals scattered across the country but mainly concentrated in the northeast. With the Tripoli-based bank's full control of these vital oil revenues, it has become a key, if not the supreme player in the ongoing civil war, according to well-placed sources and analysts. And it's not the oil revenues alone that the bank holds. The CBL controls the country's entire purse strings at the moment, including $100bn in foreign currency reserves. It is from the bank’s headquarters that money is distributed and assets accessed across Libya. This includes money that the Tobruk-based House of Representatives (HoR) needs to spend and function as an effective political force...............................................Full Article: Source