TRIPOLI: The Monetary Policy Committee of the Central Bank of Libya has made a strong appeal to all relevant parties for the swift approval of a unified and balanced budget for the year 2025. The committee emphasized the importance of regularly supplying oil revenues to the Central Bank of Libya and enhancing transparency and disclosure principles. A key focus was placed on ensuring the independence of the Central Bank and maintaining the professionalism of its decisions concerning exchange rate and monetary policy, with the aim of achieving monetary stability and financial sustainability for the state.

According to Libyan News Agency, this announcement was made during the committee's inaugural meeting, which was chaired by the Governor and his Deputy, and attended by members at the Central Bank's headquarters in Tripoli. The agenda included a comprehensive review of the state's general economic and financial situation, an evaluation of the monetary policy's efficiency, and an assessment of the Libyan dinar's exchange rate in the context of current economic data and the expansionary public spending policy planned by the two governments for 2024.

During the meeting, the committee discussed expectations for local and global economic activity, crude oil production and price forecasts, and analyzed financial safety indicators. It also examined the development of foreign exchange sales, revenues, and spending, comparing statistics from the past three years.

The committee concluded that there is an urgent need to coordinate economic policies-monetary, financial, and commercial-and to activate tools that would enable the Central Bank of Libya to achieve its objectives under various circumstances. It reiterated the call for expediting the approval of a unified balanced budget for 2025, ensuring regular oil revenue supplies to the Central Bank, and strengthening transparency and disclosure principles. The committee also underscored the importance of the Central Bank's independence and the professionalism of its decisions to ensure monetary stability and financial sustainability for Libya.