The situation of the Libyan economy ... Catastrophic reality in the liquidity crisis

It is imperative that the Libyan state authority must move Libyan economists to face the Libyan currency dinar crisis in an economy with a relative scarcity of liquidity in Libyan banking system, with a declining value of the Libyan dinar as a purchasing power in the Libyan markets.

The negative and direct impact on the collapse of the Libyan national currency is pushing inflation rates on the economic sectors and social services to undesirable figures.

The lack of liquidity of the Libyan currency has been repeated at the Libyan banking system which is a working factor toward weakening the Libyan national economy, circulation of cash in the form of banknotes or money coins or even in the form of electronic digital numbers in current accounts deposit or saving accounts Deposit, which work primarily to facilitate the withdrawal on demand via credit cards, ATM Machines and cards Cloud Computing.

The liquidity crisis in the Libyan banking system, its causes, repercussions and its impact on the Libyan citizen is not a problem intractable solution, but it requires an economic and banking movement to solve current situation, a situation which makes waiting for queues and lines longer for customers to make their withdrawals from each and every bank in Libya.

The repeated process of the Libyan banks in setting the ceiling of the withdrawal of salaries is only a process of arranging the distribution of funds available to the Libyan citizen, a process that works to create de-trust between the customers and the banks.

The financial deposits in the Libyan institutions are for customers to be available on demand to cover for their living needs, and therefore must be given and provided on demand without delays and without any financial ceiling but with a rapid mechanism at the banks in an orderly manner.

To the Libyan state in its governments and media must not allow these low economic conditions hopping and should accept this dire situation to act quickly to face its direct responsibility in the course of the disaster situation caused by the economic situation in Libya due to the availability of liquidity in the banking system in Libya.

The Libyan state continues its reckless expenditure which contributes to the severe hard currency money exchange process, which is working to drain and deplete completely the balance of the Libyan state hard currency through its increasing and continuous public expenditure.

In addition, with an increase in expenses inside and outside the country where the payment is made in hard currency through the Libyan monetary portfolios without censor and not even through the official Libyan channels, for more than two decades.

The heavy expenditure made by the Libyan state authority on an internal and external spending, low-income resources makes a severe shortage of hard currency to be available in pumping Libyan commercial banks that should restore the economic cycle of currency in Libyan banking system that limits the availability and abundance of cash in all banks Libya.

The tragic financial situation will not change in Libya in the absence of comprehensive political will and national economic mindset that will take responsibility and hold them accountable, accountabilities at the time of censorship and accountability to restore all Libyan state facilities.

Libya is currently living in a disastrous situation due to the deliberate neglect of the Libyan economy, despite the existence of huge economic resources and the desire for multiple and renewable economic resources for the cooperative effort to restore liquidity in Libya's financial trade activities.

The escape of foreign currency reserves from Libya to abroad when there are inflated figure amount to seven times the value the goods of counterfeit values when opening bank documentation of letters of credits for the process of importing goods from abroad, whether these goods belonging to the Libyan state or private sectors.

Requirements of administrative paperwork and goods distributed to the Libyan domestic markets in the context to facilitate the escape of foreign currency reserves, the figures are documented in the lists of imports records Libyan state.

The absence of strictness in the Libyan state commitment to the legal standards and conditions control as well as the lack of rigor in the follow-up of such acts, threaten the Libyan economy security.

Detect and arrest those involved in stolen Libyan state's assets from the Libyan state funds treasury is not been implemented to curb more funds to escape from the foreign exchange reserves.

In addition, Libyan funds have been exported abroad by the private Libyan traders in the form of a process of investing their money externally to many Arab countries, such as Egypt, Tunisia, Algeria and other foreign countries, such as Turkey, Britain, Italy and even the United States of America.

In the light of what has been mentioned, the possibility of Libya's economic reforms to adopt external expertise and international aid is highly unlikely, even if Libyan national institutions are not united under one internationally recognized political system.

A catastrophic reality of the Libyan economy from all aspects and dimensions of international relations that are working to help Libya out of the features and indicators of the systematic destructive plan that Libya has taken at present for the existence of parallel markets outside the official Libyan national economy.

For the time being, Libya does not need and does not need the Holocaust, which in the past made it the largest reserve in the African continent of oil barrels that the Libyan people were supposed to share among a population of only six million. Today, however, To those who work to dismantle the danger of the Libyan national economy collapsed.

The danger that works on the Libyan state is through the continued and systematic attrition of the reserve cash and the support of oil derivatives smuggled abroad and Libya's dependence on the war effort as a means of financing Libyan armed militias and tampering with the will of the state in the Libyan banks.

The wheel of development is currently inoperative but the Libyan national economic reality says oil corruption has an effective role in the black markets of Libyan oil derivatives instead of being managed through official Libyan state institutions.

The spread of poverty and famine in Libya is a fact that many people do not realize, in an oil-rich country, rich in its natural resources, it becomes a country threatened by poverty and conflict all over the country.

Poverty exists in Libya as a result of is the high cost of daily living of basic foodstuffs and the significant decline and deterioration in the level of social services necessary to the Libyan citizen in all respects, education, health, housing, interruption of electricity, clean water, and sanitation.

The strategy of combating corruption and the Libyan economic deterioration is one of the priorities of the Libyan state before implementing other priorities such as the priorities of combating terrorism because the Libyan economic deterioration is, in fact, a form of terrorism against the Libyan people.

The transformation of Libya's official national economy into a hidden, black-market economy run by blackmailing complexes that turn Libyan national wealth into black markets has only one model… total destruction to the Sate of Libya.

By Ramzi Mavrakis