Cash seized in UK now returned to Libya

by Jeremy PlimmerIn March, a ship carrying Libyan cur

Seized Currency Libya

Posted on Thursday, September 1, 2011

 

In March, a ship carrying Libyan currency worth £100m (200m Libyan dinars) was impounded at the port of Harwich in the UK. The currency was part of a recently printed consignment of Libyan dinars printed in the North East of the UK and delivery was interrupted by the civil war. At the time it was reported that Col. Gaddafi needed the cash to pay the Libyan Army and mercenaries recruited from other parts of Africa. The United Nations has now agreed to unfreeze 1.86bn Libyan dinars - worth about £950m - being held in UK banks and the consignment of freshly printed currency. Foreign Secretary William Hague said this represented another "major step forward" in getting necessary assistance to the Libyan people who are fast running out of cash caused by the war torn economy. Mr. Hague added the funds, which will be released to the Central Bank of Libya, would also help to address urgent humanitarian needs. Mr Hague said: "These banknotes, which were frozen in the UK under UN sanctions, will help address urgent humanitarian needs, instil confidence in the banking sector, pay salaries of key public sector workers and free up liquidity in the economy."

About Jeremy Plimmer

Jeremy Plimmer has 35 years of experience in the security related print and packaging industry working originally as sales development director for manufacturers of passports, high security print and labels and more recently as a consultant. He is a graduate member of the Chartered Institute of Marketing, a Fellow of the Institute of Minerals, Materials and Mining, chairman of the West Midlands Packaging Society as well as vice chairman of the East Midlands Packaging Society.

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