Sound the alarm… Hosni Bey comments on the great friend’s correspondence with “Al-Dabaiba”

Businessman Hosni Bey saw the letter from the Governor of the Central Bank of Libya, Al-Siddiq Al-Kabir, to the head of the National Unity Government, Abdul Hamid Al-Dabaiba, as a warning bell, and an attempt to remind everyone and warn the executive authorities.

Earlier, the Governor of the Central Bank of Libya, Al-Siddiq Al-Kabir, expressed his dissatisfaction with the increase in government spending, which during the last three years reached 420 billion dinars. Al-Kabir said in letters addressed to the Prime Minister of the National “Unity” Government that “most of it was directed to consumer expenditures at the expense of spending.” “The development process has generated pressure on the exchange rate of the Libyan dinar,” he said, noting that he was surprised by the latter’s desire for the exchange rate of the Libyan dinar to be 1.3 per dollar, at a time when the government is increasing consumer expenditures.

Hosni Bey said, in statements to the economic newspaper Sada, that the shame of the message is that the promises of luxury, salary increases, and strengthening the dinar and returning it to pre-2014 levels are rosy dreams that cannot be achieved through excessive consumer spending.

The Libyan businessman pointed out that the state’s resources, regardless of their capabilities and value, still have limits and ceilings, so planning and work must be done to achieve their sustainability by reinvesting them.

Hosni Bey added that the Central Bank is legally obligated not to spend except through approved and unified budgets issued by a budget law by the legislative authority.

Hosni Bey explained that the Central Bank stressed the necessity of imposing management, rationalization, and reducing spending, while diversifying sources of income, and increasing oil production.

Hosni Bey indicated that the parallel spending is of unknown origin, due to the continued division of the banking clearing system, due to the failure to complete mergers, and as a result of the existence of two separate systems.

The Libyan businessman pointed out that most of the parallel spending, of unknown origin, resulted from the so-called transfer of balances from East to West, and it was not possible to monitor and review all banking operations.