THE DUELING DUAL BANKNOTES OF LIBYA

A large consignment of Libyan banknotes with a face value of one billion U.S. dollars and seized off the coast of Malta in September 2019 remain in a stalemate between U.S. and Russian authorities. The U.S. State Department reiterated on Friday the 29th May that they commend the seizure by Maltese authorities of $1.1 billion of "counterfeit Libyan currency" en-route to the North African country. However, a spokesman for Russia's foreign ministry said on Saturday the 30th May in response to U.S. claims that the banknotes, headed for the Libyan Central Bank headquartered in Benghazi, are not counterfeit. The consignment of banknotes in denominations of 50 dinars (U.S. $70.50) and 20 dinars (U.S. $28.20) was seized and confiscated, and the U.S. State Department also cites them as contributing to supporting the Libyan National Army, who control roughly half of the country.

After the Libyan revolution which saw the violent ouster of strongman Muammar Gaddafi in 2011, the U.S. government and many European countries have supported the UN-recognised Government of National Accord (GNA) situated in Tripoli, which they have regarded as the country's legitimate successor. An alternative faction within Libya headed by Field Marshal Khalifa Haftar has retained control of half of the country with its seat of government situated in Benghazi. It is this government or authority which the Russian Foreign Ministry admits these notes were headed for.

Libyan banknotes issued by the Tripoli location are printed in the United Kingdom in denominations of 1, 5, 10, 20, and 50-dinars. Washington has asked the head of the Government of National Accord and Central Bank in Tripoli to officially declare the alternative currency printed in Russia and issued from Benghazi to be illegal.

To read the complete article, see:
Libya: Dinar banknotes printed in Russia declared counterfeit by U.S. State Department (http://news.coinupdate.com/libya-dinar-banknotes-printed-in-russia-declared-counterfeit-by-u-s-state-department/)

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