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Libyan Cabinet Urges Central Bank to Release Reserve Fund for Budget

Source: Reuters 6/12/2014, Location: Africa

Libya's government urged the central bank to release a special multi-billion-dollar reserve fund accumulated from past oil sales to help offset a precipitous loss of crude revenues that has crippled state finances.

In a statement, the central bank said only that it may ask the Supreme Court to clarify the rules under which it is legally obliged to release funds.

Eleven months of protests at oilfields and ports have reduced crude exports, Libya's economic lifeline, to a trickle. Oil revenues have fallen to $1 billion a month, a quarter of what Libya used to make, a central bank official said last week.

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