Libyans have $62billion in foreign banks

| 01/03/2011

(Bloomberg): Libyan residents had $62.1 billion deposited in overseas bank accounts at the end of September, according to the Bank for International Settlements. Most deposits were from banks in Libya, including branches of foreign institutions, while $8.2 billion was from non-bank Libyan residents, according to quarterly banking statistics compiled by the BIS and last released on Jan. 28. The BIS statistics are based on reports from 43 countries, including most developed nations and offshore centers such as the Cayman Islands, the Netherlands Antilles and the British Channel Islands. The figures don’t cover direct investments by Libyans in assets overseas.

The European Union yesterday imposed an arms embargo and other sanctions including an asset freeze, and the U.S. said it has frozen $30 billion in Libyan assets. Switzerland on Feb. 24 froze the assets of Libyan leader Muammar Qaddafi and his entourage for three years to avoid the possible “misappropriation” of the funds.

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