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Libya records 4 bln U.S. dollar deficit so far this year

The Central Bank of Libya (CBL) on Monday announced a deficit of 4 billion U.S. dollars in the first nine months of 2017.

"The revenue amounted to 13.8 billion dinars (8.6 billion dollars), while the estimated revenues according to financial arrangements or budget were 20.3 billion dinars (12.69 billion dollars)," the bank said in a statement, attributing the deficit to the fall of revenues from oil, taxes and customs.

The revenue of oil exports was 12.1 billion dinars (7.56 billion dollars), lower than the previously estimated 16.3 billion dinars (10.19 billion dollars), the statement said.

Tax revenue was 493 billion dinars (308.12 billion dollars), while customs income was 82. Both are much lower than expected, according to the statement.

"This deficit is largely due to inability of the National Oil Corporation to reach expected oil production and exporting capacity," the statement explained.

[Source: Xinhua, Tripoli, 03Oct17]

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