Libya Loosing Foreign Currency Reserves

Lesson Brief Al Sharq Al Awsat
On May 4, Al Sharq Al Awsat reported on a a recent announcement by Libya's accounting office that the country is rapidly using up its foreign currency reserves. Violence among rival factions has disrupted oil production, which is vital to the country's economy, forcing the central bank to fund the budget from other sources. According to the announcement, a quarter of Libya's foreign reserves have been used up, and there is no end in sight to the fighting. Besides being an interesting story, this article contains ESSENTIAL economics vocabulary; if you memorize the words from this article, it will go a long way in helpoing you plough through the dry, painstaking economics articles that we all hate but still have to read.

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