Gaddafi to Sell Libyan Gold to Buy Protection - Ex Cbank Governor

World | August 25, 2011, Thursday // 11:30
Bulgaria: Gaddafi to Sell Libyan Gold to Buy Protection - Ex Cbank Governor Libyan dictator Muammar Gaddafi has been said to have attempt ed to sell state-owned gold reserves to pay for his protection and stir chaos among local tribes. Photo by

Former Libyan Central Bank Governor Farhat Bengdara has said that Muammar Gaddafi will try to sell part of the country's gold reserves to pay for his protection and sow chaos among local tribes.

According to a report of BBC, Bengdara, who broke with the Gaddafi regime in February, told Italian daily Corriere della Sera that an ally of Col Gaddafi had offered 25 tonnes of gold to his friend "a little time ago.

Bengdara said that there were gold reserves worth USD 10 B in Libya's capital and the colonel could have taken some of that amount,

The former central ban governor also suggested that the dictator had escaped from Tripoli and was probably on his way to the Algerian border.

Regarding the Libya's recovery, he said that the country needed USD 5 – 7 B as a bridging loan to restart its banking system and to pay for imports.

"We don't need donors. Libya is a rich country", Bendagra declared, adding that all that was necessary was to unfreeze the state's assets through a U.N. Security Council resolution.

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Tags: Muammar Gaddafi, Libya, gold reserves, frozen assets, UN Security Council, banking system
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