Name: Libyas cash crisis: Fake bills prompt shift to electronic payments
Uploaded: 2025-11-08T09:47:11.135Z
Duration: 2 min 35 s
Description: Libya is grappling with a serious currency crisis after counterfeit banknotes flooded the market last year. The central bank has recalled the 50-dinar and 20-dinar notes citing concerns over fake bills entering circulation.It wants people to transition towards electronic payments.

Libya is grappling with a serious currency crisis after counterfeit banknotes flooded the market last year. The central bank has recalled the 50-dinar and 20-dinar notes citing concerns over fake bills entering circulation.It wants people to transition towards electronic payments.

Tripoli

Libya is experiencing a severe cash shortage after the central bank withdrew certain denominations believed to be widely counterfeited, including over $1.85 billion in fake notes printed in Russia. As a result, banks have imposed strict withdrawal limits and many Libyans are turning to electronic payments, with supermarkets reporting that up to 90% of sales are now made by card.

Despite the central bank's efforts to print new currency and promote digital transactions, many small businesses do not accept cards and technical issues persist with the electronic payment system. The transition has been easier for some, particularly younger people, but many citizens still struggle to access cash for daily needs, highlighting ongoing challenges in Libya's financial infrastructure.

Libya's cash crisis: Fake bills prompt shift to electronic payments

In Libya, cash has become hard to come by. People wait in long lines at banks to get what they can of their salaries. Most banks have a withdrawal limit of around $150 per month. The cash shortage is the result of the recent withdrawal of certain denominations of banknotes that are believed to have been widely counterfeited. For years, Libya's central bank was divided between the internationally recognized government in Tripoli that prints its currency in the UK and a parallel government in eastern Libya controlled by warlord Khalifa Haftar. He began printing alternative currency in Russia in 2015. Officials in Libya's central bank say they recently recalled various denominations to ascertain how much Haftar printed in Russia and collected $8.67 billion. That includes about $1.85 billion in counterfeit notes they say were printed in Russia. That's more than 20% of the recalled notes. To replenish those in the financial system, the central bank plans to print more than $11 billion, but only $4.6 billion have so far entered the market. The bank also plans to introduce $2.6 billion more by the end of the year, and $3.9 billion in 2026. Libya has long been a cash culture society. Whether people like it or not, that's starting to change. Managers at this supermarket say in recent months, there's been a surge in payments on bank cards due to the lack of cash. For Ihab Jamal, keeping the shelves stocked has been challenging. About 90% of our sales are now made through electronic payment. Many of our suppliers only accept cash, and there are frequent technical issues in the electronic payment system. The system lacks quality and needs improvement. For some, especially young people, the transition from cash to plastic has been smooth. I see electronic payment as an excellent solution for buying what we need during this cash shortage. For others, it's been difficult. There is zero cash in the banks. We go to the bank several times but cannot withdraw anything. Electronic payment is not convenient and doesn't meet my needs for the family. Electronic payments cannot be considered a solution to the crisis because we still need cash for many daily purchases like bread, as not all items can be bought electronically. The central bank says it's trying to accelerate the transition to electronic payment as a strategic alternative to reduce reliance on cash and to build a more stable and transparent digital economy. But many small businesses still do not accept cards, and the infrastructure to make that transition isn't fully built. Until it is, business owners and customers alike are likely to suffer. Malik Chaina, Al Jazeera, Tripoli.

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