RAF starts £1billion cash dash to Libya

Discussion in 'Current Affairs, News and Analysis' started by cavemandave, Sep 1, 2011.

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  1. The RAF has begun an audacious mission to fly almost £1billion worth of currency to Libya, despite fears over security in the newly liberated country.

    Military aircraft were loaded with £130million of banknotes – some still bearing the head of ousted leader Col Muammar Gaddafi – to be handed to rebel leaders in their Benghazi stronghold.

    It was the first tranche of 1.86billion dinars (£950million) released after Libyan assets held abroad were unfrozen.
    The crates of freshly printed notes were meant to pay public sector workers over the Eid holiday.
    But experts warned the country was still awash with weapons and there was no guarantee it would end up in the hands of those who needed it.

    Anti-poverty campaigner Robert Palmer, from Global Witness, said: ‘This is almost £1billion of Libyan people’s money and they need to know it’s being handled fairly and competently.’
    The notes were printed in Britain by the same company which supplies the Bank of England.

    The first batch was sent on a flight with no troops to guard it; the Foreign Office insisted the currency would have to be ‘signed for’ by the Libyan central bank. :party::money::party:

    Read more: RAF starts £1billion cash dash to Libya | Metro.co.uk
  2. a bit of old fashion armed robbery anyone ?
  3. I wonder how much the RAF movers managed to lose?
  4. It seems strange in this day and age that the money has to be physically moved. That is unless there is very little paper currency floating around in Libya, which in turn begs the question; who's snaffled that away and where to.
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  5. I would have serious reservations about handing it over to the "Rebels" there, who seem to be totally disorganised and certainly not in any kind of meaningful position to form a coherent administration or functional state apparatus.
  6. It's their cash, especially as the UK and other nations have recognised them as the interim Government.
  7. A hint of irony?
  8. Indeed, doesn't mean I don't still have reservations.
  9. I'd have thought in times like the ones Libya is going through people start hoarding as much ready cash as they can, just in case they suddenly need to get out in a hurry. It could all be under people's beds?
  10. I suppose the Navy could have delivered it on an aircraft carrier???
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  11. The big danger to having all of this money available has been overlooked; the massive flood of enquiries on Internet fora towards the end of the month as people wonder when they're getting paid.
  12. I worked in Libya in the 80's when the Libyan government changed the currency notes over night just to get the cash out from under the beds. it was chaos, the banks ould not handle the demmand so fire and police stions were opened as temporary banks to help out. Initially there was a 48 hour window for the public to change their banknotes and this was extended to a week. Coins were not affected.

    Each Libyan ID card holder was allowed to exchange 1000 dinars cash, old notes for new (IRC) and for anything over that they were given a government IOU which none of my Cyreniacan colleagues believed would ever be honoured. Foriegn passport holders were allowed to trade in 150 dinars. I returned back from break just as it happened and only had 10 dinars in my pocket and I was asked several times if I had used up my "allowance" so that I could take a little more in for exchange for a libyan colleague.

    If your money was held in a bank account then it was honoured and safe, it was the loose cash under the beds that Ghaddafi wanted taking out of circulation so that any resisitance could not be funded. People who turned up with suitcases of cash were investigated to find out where they got it from and there were several cases in Benghazi of prominent people being put on trial for corruption.

  13. Reading the article it seems it's their money anyway, UN have unfrozen their assets, Bank of England have just printed off a shed load of fresh Green to dole out.
    Sposse theirs no real Unmessy way of starting up a new country, lesson learnt from Iraq. Still give it a few weeks and a UNSTABFOR will be getting IED'd to buggery.
  14. Does Mr Palmer doubt the competence of the RAF?
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  15. seaweed

    seaweed LE Book Reviewer

    Yes it is 'their' money - but ... I suppose a FEW people in Libya are going to be very grateful. The idea that all of this money will end up in the right hands seems to me naive. Oh and no doubt some will go to Al Q to buy armaments and explosives.
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