Libya has a surplus of oil revenue of 1.9 billion dinars since the beginning of the year

SOURCE: Editorial team

Data from the Central Bank of Libya show that the country has generated a surplus of oil revenue since the beginning of this year of 1.9 billion Libyan dinars.

According to the bulletin released Saturday by the bank, real oil revenues of 17.35 billion dinars, compared to revenues estimated at 15.4 billion dinars, for the period from 1 January to 31 July 2019.

According to the bank's data, oil accounted for 92.8% of the country's total revenue during the period.

The first tranche of workers' wages in the state accounted for 58.4% of total public expenditure, or 13.8 billion dinars out of 23.64 billion representing total public expenditure.

The data showed that the share of the evolution in the rate of public expenditure was at the bottom of the list with 5.3%, the expenditure volume of 1.2 billion dinars of the total public expenditure mentioned above.

The bank's data showed a surplus due to the sale of foreign currencies of KK 5.12 billion, or KK 14.34 billion in actual revenue, against KD 9.21 billion in revenue.

In recent months, the central bank has announced tens of billions of dollars in exchange fees that have been recycled to meet the needs of the US market, as well as to repay part of the public debt.