The Libyan Audit Bureau announced on Friday 16 October that $577.4 million of oil revenue had been transferred to the central bank between 1 and 15 October, in a statement that distinguishes between funds collected and those earmarked for fuel.
The document reports $1.448 billion collected in accounts of the national oil company NOC at the Libyan Foreign Bank. It separately puts the sums transferred to the account for supplying the domestic fuel market at $864.6 million.
The Bureau also records $1.55 billion in commitments linked to letters of credit and overdrafts on that account. It calls for their settlement and regularisation before the end of the year.
These details follow a dispute between the NOC and the central bank over how revenue is presented. In its statement of 15 October, the central bank said it had received $361 million in its own accounts from 1 to 14 October. For the same period, the NOC announced $1.448 billion paid into the sovereign account held at the Libyan Foreign Bank.
According to the NOC, letters of credit for fuel purchases are deducted at this stage, with the balance then transferred to the central bank. The company had requested an independent inquiry into how the flows were presented. The central bank said it was ready to hand over its documents to the oversight bodies to examine the entire financial circuit.