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Thursday, January 27, 2022

US Stresses Importance of Unifying Libya’s Central Bank

On Saturday, the Economic Working Group Co-Chairs emphasized the importance of a reunified central bank to the United Nations Support Mission to Libya (UNSMIL)-facilitated political process and the benefits it will generate for the country’s stability and future, according to a tweet by the United States (US) Embassy.

It was Co-Chaired by diplomats of Egypt, the European Union (EU), the US as well as United Nations (UN), Envoy Stephanie Williams and the Economic Working Group of Libya. They convened at a plenary meeting on the 15th of December to discuss the progress of reunifying the Central Bank of Libya with Governor, Saddek El-Kabir and Deputy Governor Ali El-Hebri, UNSMIL said on Friday.

The plenary meeting was convened to review recent progress made by El-Kabir and El-Hebri to “advance the reunification process since the last plenary session on September 9th where Deloitte presented the financial review and reunification roadmap.”

“Both branches have appointed technical teams and agreed on the structure and the organization of the technical work,” UNSMIL said. “The Governor and the Deputy Governor voiced strong agreement on the need to reunify the central bank without delay.”

For their part, the Economic Working Group Co-Chairs emphasized the importance of a reunified central bank to the UNSMIL-facilitated political process and the benefits it will generate for the country’s stability and future. It underscored the necessity to maintain the unity and independence of the country’s sovereign economic and financial institutions.

They all expressed their willingness and readiness to support reunification efforts with technical assistance, which will require further consultations to forthcoming period. The Economic Working Group agreed to meet again on this topic in March to assess the status of phase one of reunification.

Since 2014, the Central Bank of Libya has been divided into eastern and western banks.

Oil-rich Libya has been also divided since 2014 between the Tripoli-based government in the West and a rival administration in the East.

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