Libyan foreign currency assets reach US$168 billion - Tripoli Central Bank

Libya's assets in foreign currencies have reached around US$168 billion and the country could return to oil production in the next 3 to 6 months, Libya's former central bank governor said in an interview with Al-Arabiya television.

24 August 2011, 12:00am

1 min read

Forces still loyal to Col. Gaddafi fought rebels in Tripoli yesterday, extending a conflict that looked close to conclusion on Monday after rebels swept into Tripoli in tandem with an uprising within the city.

"We have good people working in the oil sector since the 50's," Farhat Omar Bin Guidara told the Dubai-based channel.

"I think 3 to 6 months will be enough to return to oil production," he added.

Bin Guidara said in May he was joining the rebels seeking to overthrow Libyan leader Muammar Gaddafi.

Bin Guidara said that of the country's US$168 billion in foreign currency assets, US$104 billion was with the central bank, US$460 million with the Libyan investment fund and some US$30 billion or more in United States and European treasury bonds.

The rest was spread over special funds, investment funds and foreign loans, he added.

Libya will be able to restart some oil output soon, in a few months, although it will take as long as 18 months to reach the pre-war level, the country's former top oil official Shokri Ghanem said on Monday.