Libya faces institutional coordination and customs rate challenges

Libya is experiencing significant institutional and financial coordination challenges regarding its oil revenues and customs policies. Discrepancies in reporting have emerged between the National Oil Corporation (NOC), the Central Bank of Libya (CBL), and the Audit Bureau. In October 2026, conflicting figures regarding oil-revenue transfers to the Libyan Foreign Bank highlighted a lack of a unified, traceable reporting framework. To address these inconsistencies, a joint committee including the CBL, NOC, Ministry of Finance, and Libyan Foreign Bank has been established to reconcile data.

In a separate development, the Ministry of Finance has restored the customs dollar rate to 2.12 LYD per US dollar, reversing a recent increase to 4.80 LYD. The decision follows technical and procedural difficulties in implementing the higher rate across various ports, airports, and land borders. While the move aims to reduce costs for importers, the Ministry noted that the previous arrangement could not be applied consistently across the country’s customs network.