Libya Earns $5.2 Billion From Oil in Early 2025; Central Bank Lowers Value of Dinar by 13%
Libya made $5.2 billion from oil in the first three months of 2025, as of March 27. On Sunday, the Central Bank lowered the value of the Libyan dinar by 13.3%. The new official exchange rate is 5.567 dinars for 1 US dollar.
Public Spending
The Central Bank said on Sunday that the government spent $9.8 billion in foreign currencies during the first three months of the year. This caused a deficit of $4.6 billion.
Last year, Libya earned about $18.6 billion from oil exports, but spent $27 billion in foreign currencies. This created a big gap between what the country needed and what it had in foreign money.
In 2024, the government’s total spending reached $40.24 billion (224 billion Libyan dinars), while income from oil and taxes was $24.4 billion (136 billion Libyan dinars).
Because of this spending, the demand for foreign currency reached $36 billion.
The Central Bank said this gap makes it hard to manage the exchange rate. It also warned things could get worse if oil production or exports drop, or if oil prices fall.
Previously, the exchange rate was 4.8 dinars for one US dollar.
Oil Production
In March, Libya’s National Oil Corporation (NOC) said that the Mabrouk Oil Operations Company had restarted the Al-Mabrouk oil field after being closed for 10 years.
This restart is an important step for Libya’s oil industry, which has had many problems due to political and security issues. Al-Mabrouk is a medium-sized oil field and its reopening will help Libya produce more oil and earn more money.
In December last year, NOC said Libya produced 1,405,609 barrels of crude oil per day, plus 52,633 barrels of condensates. This happened even though there were delays in getting the 2024 budget.
Economic Outlook
The African Development Bank (AFDB) expects Libya’s economy to grow by 6.2% in 2025, as long as oil and gas prices stay stable and production continues.
Published: 7th April 2025
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