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Is The Merger Between Libya’s Two Central Banks Failing?

June 29, 2022
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The Central Bank of Libya (CBL) branch in Benghazi said that the CBL in Tripoli is “still behaving with a mentality of division, and disregard to the unification process.”

In a statement, the bank added: “We are surprised that Tripoli’s CBL sends official correspondence to commercial banks informing them that they can obtain cash from the issuance departments, including Benghazi. At the same time, it refrains from providing sufficient liquidity to the administration of Benghazi’s branch.”

The Benghazi-branch confirmed that “If we are not provided with an adequate budget of 500 million dinars, we will resort to alternative solutions. We hold the Central Bank in Tripoli responsible for the apparent failure to manage liquidity, which is carried out randomly.”

“We tried to direct them with official letters to develop a method for planning and organizing liquidity in a scientific and organized manner, but unfortunately there was no response. We were surprised when we were notified that cash will be sent when reservers are at 50 million dinars. This amount is not suitable for the treasury of a central bank,” the statement said.

In April, the Governor-designate of the CBL in the Fathi Bashagha-led government, Mohamed Al-Shoukri stated that comparing the banking and financial systems of Lebanon and Libya is “unfair.”

“Do not be alarmed, for Libya’s capabilities and reserves above and underground are sufficient for tens or even hundreds of years,” he said.

“Libya only needs a firm political will, and an executive one that reflects the developments of the twenty-first century in management, efficiency, and creating real sustainable development opportunities throughout the country,” Al-Shoukri added.

“In crises, there are lessons and opportunities, so be warned,” he said.

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Tags: benghaziCentral Banklibyatripoli
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