Home / Economy / Sanallah: The Corporation will keep oil revenues until there is transparency from the central bank, whose monetary policies are a failure.

Sanallah: The Corporation will keep oil revenues until there is transparency from the central bank, whose monetary policies are a failure.

The head of the National Oil Corporation, Mustafa Sanallah, said that he will keep oil revenues in accordance with the law until there is transparency and a clear disbursement mechanism by the Central Bank of Libya.

On Sunday, Sanallah asked the Governor of the Central Bank of Libya, Al-Siddiq Al-Kabeer, about the 186 billion that the corporation has achieved in recent years from sales of oil and its products, noting that the corporation has kept the sales money in the sovereign accounts of the National Oil Corporation at the Libyan Foreign Bank in Tripoli.

Sanallah added that Libya is going through a predicament, which he described as dangerous due to the failed monetary policies of Al kabeer, pointing out that the oil money will be kept until there is transparency, or it will be given to the Libyans, stating that “you give them to one a thief for one dinar and 40 piasters and he sells it for 10 dinars,” he said.

Sanallah revealed that every year there are 13 billion lost dinars despite stopping giving money to citizens, and that after the financial audit it will become clear where the money was spent and this injustice cannot be tolerated.

Sanallah explained that the Attorney General’s office is the only party that stood with them as they face the oil closures that took place last January by Haftar’s militias, describing Al-Kabeer’s vision of the corporation as a “milking cow” from which “fat cats” benefit in the form of fake credits.

It is worth noting that the National Oil Corporation warned on November 26 against the consequences of halting oil production again and depriving the public treasury of large revenues in the event of touching the revenues withheld in the accounts of the National Oil Corporation in the Libyan foreign bank, and that the foreign bank of Libya spread misleading information regarding oil revenues.

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