Monday, June 23, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

Libya’s Central Bank Governor Holds Talks with Deloitte

March 2, 2022
Share on FacebookShare on Twitter

On Monday, the Governor of the Central Bank of Libya (CBL), Al-Siddiq Al-Kabir and his deputy, Ali Al-Hibri met with officials from the US consulting firm Deloitte, in Tunisia.

Sources told 218 TV that they discussed the work of the joint technical committees created by Deloitte, for its financial audit of the CBL.

The two Libyan officials signed an agreement in January 2021 for Deloitte’s consulting services, in order to support the economic roadmap, and unification of the CBL.

Last month, Al-Kabir told Reuters that he hoped the first stage of unification could be accomplished by July. Economic divisions have added to Libya’s chaos, and resulted in differing exchange rates, liquidity shortages, and ballooning public debts that further hurt Libya’s battered economy.

In December, the CBL announced a plan to end the 7-years of division between the eastern and western banks. It said in a statement that the two officials had met in Tunisia, and agreed on a detailed plan to unite the bank.

They discussed the stages of the unification in accordance with the roadmap proposed by the international accounting firm Deloitte, with the completion of the international financial audit review for the Central Bank in July.

“The division complicates access to foreign exchange, impedes monetary reform, and undermines the integrity and oversight of the commercial banks,” the UN Support Mission in Libya (UNSMIL) said.

The review seeks to create the conditions and provide recommendations to unify the CBL, thereby improving public confidence, transparency, and integrity of the banking sector.

Notably, UNSMIL facilitated the process that included concluding the terms of reference for the review with both CBL branches.

To ensure independence and best practice, the United Nations Office of Project Services (UNOPS) managed the procurement process that resulted in the selection of Deloitte as the independent auditor.

“The unification of the CBL is no longer simply recommended but required. The division complicates access to foreign exchange, impedes monetary reform, and undermines the integrity and oversight of the commercial banks. The division, in combination with the lack of a unified budget, contributed to both banks accruing debt to finance the respective former governments,” Deloitte’s review noted.

  • Al-Mnifi: No Justification for Continued Division of Libya’s Central Bank
  • Al-Koni to Discuss Army Unification with Southern Military Commanders
  • US Ambassador to Libya: Joint Military Force in Libya A Step for Armed Forces Unification
  • Libya Unifies Salary System After 7 Years of Division
  • Is Libya’s Central Bank Slowing Down Attempts to Combat COVID-19?
Tags: Al Siddiq al KabeerAli al HibriCentral BanklibyaTunisia
Next Post

Libya: Ukrainian Police Delaying Evacuation of Libyans

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Libya’s Haftar & British Envoy Discuss Political Developments

Libya Launches New Electoral Education Initiative

Libya’s Kufra Hosts 160,000 Sudanese Refugees

Berlin Conference Reaffirms Support for Libyan-Led Political Process

Libya’s Interior Ministry Reports Armed Attack on Security Forces in Tripoli

Libya & Italy Sign Military Cooperation Plan

EDITOR PICKS

Greece to Deploy Navy Near Libya to Monitor Migrant Departures

NIHRL Demands Full Participation in Libya’s Prison Monitoring Efforts

Libyan Movement Vows to Continue Peaceful Demonstrations Against Dbaiba’s Government

Libya to Benefit from Global Oil Price Surge

128,000 Students Begin Final High School Exams Across Libya

Libya Launches New Electoral Education Initiative

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR