UK hopes to release Libyan funds

By: The Associated Press
By: The Associated Press

LONDON (AP) — A British government official says the U.K. is seeking approval to release $1.6 billion in frozen Libya assets to the country's rebel government.

British diplomats on Friday asked members of the U.N. Security Council committee monitoring sanctions against Libya to authorize a proposal to urgently provide funds for medical supplies, fuel and wages.

The official, who requested anonymity to discuss the details, said Britain hopes to release about 1 billion pounds worth ($1.6 billion) of Libyan dinars which were printed in the U.K.

In March, Britain blocked the export of the bank notes, which are manufactured by British currency printer De La Rue.

The United States on Thursday won approval to release $1.5 billion of assets held in American banks.

(Copyright 2011, The Associated Press)

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