Counterfeit Billions in Libya Prompt Dbeibah to Demand Immediate Investigation

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The Central Bank of Libya has revealed the existence of over 3.5 billion Libyan dinars in counterfeit currency from the second series of the 50-dinar denomination.

Abdelhamid Dbeibah, the outgoing Prime Minister of Libya’s Government of National Unity, has called on the Attorney General to launch an immediate and comprehensive investigation into a major scandal involving counterfeit 50-dinar banknotes, which were recently withdrawn from circulation.

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This revelation adds to a growing list of economic challenges including inflation, recession, and a continual decline in the value of the dinar, amid failed efforts to unify the country’s divided institutions — putting Libya’s economic future at serious risk.

In a Facebook post Sunday night, Dbeibah wrote: “The Central Bank’s confirmation of a 3.5 billion dinar discrepancy beyond the officially printed amount validates our repeated warnings about the circulation of counterfeit currency in the Libyan market used to purchase hard currency — thereby financing the entities behind this forgery,” hinting at authorities in eastern Libya.

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He described the situation as “grave, threatening the core of economic stability, the national currency, and people’s livelihoods,” urging the Attorney General to act and hold all those involved in this crime accountable, stating that “silence or tolerance is not an option.”

Earlier on Sunday, the Central Bank disclosed that more than 3.5 billion dinars from the second series of the 50-dinar banknotes had been falsified.

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On May 8, the Bank officially completed the process of withdrawing all 50-dinar notes from circulation — both the first series printed in the UK by Tripoli authorities and the second series printed in Russia by Benghazi authorities — in a move aimed at maintaining monetary stability and strengthening the value of the Libyan dinar.

In a statement issued Sunday, the Bank revealed that the initial count of the withdrawn currency showed a discrepancy of over 3.5 billion dinars in the second series: while 6.650 billion dinars were officially issued, the total deposited with the Central Bank amounted to around 10.211 billion.

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The Bank stated this discrepancy represents an over-issuance not registered in Benghazi’s official issuance records and not compliant with Article 39 of the Banking Law — thereby constituting unlawful acquisition and causing significant damage to the Libyan economy.

As for the first series, 7 billion dinars were issued, and approximately 6.828 billion dinars were returned to the Bank.

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The statement noted that excessive printing of this denomination outside the control of the Central Bank negatively impacted the dinar’s value, led to a surge in demand for foreign currency on the black market, and increased the risks of money laundering and terrorism financing. Consequently, the Bank’s board decided to withdraw the 20-dinar notes — both the UK-printed first series and the Russia-printed second series — replacing them with more secure currency. September 30, 2025, was set as the final date for circulation of the old notes, as part of efforts to preserve currency structure and strength.

Libya has been divided since 2014, with rival factions controlling the East and West. Despite a 2020 ceasefire and ongoing efforts to unify state institutions, a political solution remains elusive, with the threat of renewed conflict still looming.

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Observers consider a judicial investigation into the counterfeiting scandal essential for identifying perpetrators, restoring some degree of public trust, and ensuring accountability to prevent future financial crimes. However, they warn that such an investigation alone will not be enough to resolve Libya’s deep-rooted economic crisis.

Analysts argue that the country’s economic deterioration and currency fraud are symptoms of a broader political fragmentation and power struggle. They emphasize that without a unified, effective government, functional financial institutions, and restored public trust, no legal action can adequately address the crisis.

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They conclude that saving Libya’s economy requires a comprehensive political solution — including reunifying national institutions, empowering an independent Central Bank, securing lasting stability, and initiating structural economic reforms. Without this, judicial measures will merely address the symptoms of a far more profound and systemic disease.

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