Libya reports surge in cash reserves
High oil prices boost country’s income to record level in 2006
Posted: 10 September 2007
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A surge in oil prices boosted Libya ’s income to a record level in 2006 and pushed up its international cash reserves by nearly three times in three years.
Official figures showed Libya ’s reserves peaked at an all time high of nearly $64.billion at the end of April compared with $25 billion at the end of 2004.
The bulk of the reserves are in foreign currencies with the Central Bank of Libya (CBL) while around $596 million were Libya ’s reserve position with the International Monetary Fund (IMF), showed the figures by CBL.
Like other oil producers, Libya has been enjoying a fiscal bonanza as a result of high oil prices, which hit a record $62 in nominal prices in 2006.
The price surge allied with higher crude production boosted the Arab country’s income to its highest ever level of around $36.9 billion last year Its balance of payment also soared to a record $19.5 billion in 2006.
Libya , a key member of the 12-nation OPEC, produced nearly 1.76 million barrels per day of crude oil in 2006, one of its highest output levels since it began pumping oil more than four decades ago. Libya ’s proven oil reserves were officially estimated at around 42 billion barrels at the end of 2006.
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