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Libya Financial Services Sector Research Highlights

Libya Financial Services Sector Research Highlights
Economic News

Libya creates framework in pursuit of monetary stabilisation
OBG
plus

Libya’s public finances have long been characterised by institutional division with authorities in the east and west of the country pursuing separate budgets and development agendas. This fragmentation had previously fuelled inflation and widened hard currency deficits. In November 2025 the Libyan House of Representatives and the Tripoli-based High State Council signed the agreement on the…
Economic View

Libya boosts insurance sector to attract investment and expand coverage

On boosting penetration and the diversification of Libya’s insurance portfolio To what extent can foreign investment and international expertise help advance the development of Libya’s insurance sector? ALRAGAE: Foreign participation can serve as a key catalyst for the sector’s growth. Libya’s insurance market stands to benefit significantly from international investment– especially…
Economic View

Libya builds trade finance on local and regional growth

On the changing commercial ecosystem and how governance reforms are evolving to align with international standards How do you evaluate the trade finance landscape? MOHAMMED ALI ADDARRAT: Letters of credit remain the cornerstone of Libya’s trade finance landscape, initially dominated by imports of finished goods, such as food products, for consumer and public sector markets. Over the…
Country Report

The Report: Misrata 2024
OBG
plus

Misrata is playing a central role in the diversification of Libya's economy, focusing on the shipping, manufacturing, automotive, construction, ICT, health care and education sectors. With strategic ports like Tripoli, Benghazi and Misrata, the government aims to make the country an international trade hub through partnerships with private investors for port modernisation. Tax incentives and free

Analysis

Digital financial services could boost inclusion in Misrata, Libya
OBG
plus

Creating an ecosystem for financial technology (fintech), most particularly at a subnational level as in the city of Misrata, is crucial for both technological advancement and economic growth. Fintech ecosystems are typically built on five pillars: start-ups, technology developers, governments, financial customers and traditional financial institutions. However, these pillars vary depending on economic…

Analysis

Banking penetration rises in Libya as it shifts to a cashless economy
OBG
plus

Libya’s banking sector compares favourably to some of its neighbours. For example, as of June 2021 over 65.7% of Libyans had financial accounts; as of February 2022 over 81% lived in urban areas and therefore had access to financial services, while 49.6% were active internet users. In comparison, the banking and internet penetration rates in neighbouring Egypt in 2022 were 60.6% and 72.2%,…

Overview

Innovation key to developing Misrata’s banking sector
OBG
plus

Libya’s banking sector was somewhat underdeveloped before the 2011 conflict, and its government-controlled banking system served primarily as a means to finance public projects with deposits. Due to the introduction of new players, innovative products and services and regulatory reforms, the banking sector in Libya and Misrata has undergone significant changes. The Central Bank of Libya (CBL) and…
Interview

Farouk Laabidi, General Manager, Assaray Trade & Investment Bank: Interview
OBG
plus

Interview:Farouk Laabidi What is your assessment of the local banking sector? FAROUK LAABIDI:Misrata’s local economy and banking sector have remained resilient amid various challenges. After the Covid-19 pandemic the city has seen a revival with new businesses starting up. The banking sector plays an important role in helping to support this economic activity for both consumers and businesses.…
Chapter

The Report: Misrata 2024: Financial Services
OBG
plus

Due to the introduction of new players, innovative products and services and regulatory reforms, the banking sector in Libya and Misrata has undergone significant changes. The Central Bank of Libya (CBL) and the Libyan Foreign Bank – which is 100% owned by the CBL – oversee and regulate the industry, with the Bank of Commerce and Development, the National Commercial Bank and Sahara Bank among the…

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