Libya holds $25 million in blocked airline funds, IATA says

International carriers operating in Libya are owed $25 million in revenue that remains blocked from repatriation, according to the International Air Transport Association (IATA), placing the country ninth on IATA's global list of the ten states holding the largest sums of unconvertible airline funds.

The blocked amount represents earnings airlines generated in the Libyan market — from ticket sales, cargo services and other commercial activities — that could not be converted into dollars and transferred back to company headquarters, due to foreign-exchange restrictions, currency shortages or regulatory obstacles.

Libya's $25 million ranks well below the region's largest holders: Algeria ($258 million), Lebanon ($138 million), the CFA franc zone ($89 million), Mozambique ($81 million), Eritrea ($78 million), Angola ($73 million), Zimbabwe ($65 million) and Ethiopia ($40 million). Malawi follows Libya with $23 million.