Saturday, May 14, 2016

Central bank money: Panzerknacker for eastern Libya – FAZ – Frankfurter Allgemeine Zeitung

cash bottleneck: queuing for money in Libya

in the city Beyda in eastern Libya, there are a lot of excitement to central bank money. As the Wall Street Journal reports, a real treasure lies there in a chamber under a bench buried: Gold and silver coins worth about $ 184 million

The money belongs to the Central Bank – which might need it urgently. because just there quite a cash shortage. Because the central bank in eastern Libya while waiting for a delivery of fresh cash from a foreign money printing, but it could take several months until it arrives, as stated in the report on.

the money in the underground treasury would therefore cue. But unfortunately – so easy it is not obviously! The coins are in a safe that can only be opened with a five-digit code. And the code have central bankers in this part of the country do not.

Libya is divided into two parts of the country, and has also to fight with Islamist insurgents. The code for the controversial Safe have central bankers in the other part of Libya. There, in Tripoli, is the headquarters of the Federal Reserve, where three of the seven board members sit. They are familiar to the local, rival local government. You keep your feet still and do not want to come out the code. Supposedly there is concern that opposition military could be supported with the money

To make things even more complicated. The coins are to make matters worse, even printed with the likeness of the former dictator Gaddafi, who in had been deposed in 2011, was captured and killed. Even if he would zoom to the money, he could coins “not sell as they are now,” said Ali El Hibri can, the central bank governor of eastern Libya quote the Wall Street Journal. “Yes I want to start on the road no uproar by asking the face of Gaddafi showcased.”

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Nevertheless Hibri have achieved allegedly already reached an agreement with gold and silver dealers who want to buy the coins and remove the Gaddafi print. But before that can happen, Hibri must first ensure that the safe is cracked. Also because it is according to the report already well underway and has two Panzerknacker opened that should have cracked several vaults of the former regime already in 2011 in order to finance the former rebellion.

Ali El Hibri is from IMF recognized as central banker, but his power is very limited due to the rivalry between the two parts of the country Libyiens. Tripoli sends the report says $ 23.5 million to eastern Libya to pay public employees and officials. But so Hibri, is only a fraction of the $ 257 million that he would need to cover the salaries.

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