Al-Bayda(LANA) – The Financial Stability Unit of the Central Bank of Libya, Al-Bayda Branch, issued its report for the year 2018.
The head of the unit, Haitham Al-Mansoori, said that the report comes in the context of the Central Bank of Libya’s keenness to achieve monetary and financial stability and to perform its duties as an economic advisor to the state in accordance with the provisions of Banking Law No. (1) of 2005.
Al-Mansoori added that the report contains eight chapters covering the analysis of global and local economic developments and gives a detailed assessment of the financial and banking system in Libya and highlights the reality of financial inclusion and small and medium enterprises.
He pointed out that what distinguishes this report from previous reports is the stress testing that aims to make an approximation of the impact of reclassifying the credit portfolio on the capital adequacy of commercial banks, as well as assessing the financial performance of the insurance sector in Libya.
He stressed that the report focused on showing the persistent imbalances in the public finance structure, the increase in the volume of consumer spending and the leniency in the accumulation of domestic public debt in order to finance this consumer spending at the expense of spending on development and infrastructure.
He said that the Financial Stability Unit is committed to continuing to work on issuing financial stability reports in Libya, as it is expected that a report for the biennium 2019/2020 will be completed before the end of the year.
Source: Libya News Agency