Libya’s Economy Minister Hails Central Bank’s Reunification


On Monday, the Minister of Economy and Trade in Libya’s Government of National Unity (GNU), Mohamed Al-Hwaij voiced his strong support for the unification of the Central Bank of Libya (CBL), highlighting its paramount importance for the country.

The Minister also expressed his commitment to backing the bank’s endeavours to mitigate challenges that stemmed from previous divisions.

In a statement, he underscored that the “integration of national bodies, especially the sovereign entities, would have a transformative impact on the Libyan economy. This consolidation aims not only at ensuring the financial robustness of the nation’s banking sector, but also at enhancing the strength and stability of the Libyan dinar.”

Furthermore, the Minister lauded the “relentless efforts exerted to bring together the various state institutions. This has been a focal mission for the GNU since its inception.”

Expressing optimism about the road ahead, Al-Hwaij conveyed his anticipation to join forces with the CBL, to shape the country’s monetary, fiscal, and broader economic strategies, setting Libya on a path to sustainable growth.

Yesterday, the Governor of the CBL, Al-Siddiq Al-Kabir, alongside Deputy Governor Marai Miftah Rahil, declared that the bank re-established itself as a unified sovereign entity.

During a meeting that included department directors and advisers of the CBL branches in Tripoli and Benghazi, they emphasized their ongoing efforts to address the impacts resulting from previous divisions.

The meeting represents the commitment to unify the CBL and marks the culmination of endeavours made by national stakeholders supporting this unification.

Notably, debates have surged across Libyan social media platforms following the release of the total expenditures of the Libyan Parliament and its affiliated entities, totalling approximately 895 million Libyan Dinars (LYD) from January to July this year.

Responding to the CBL’s statement, Abdullah Blaiheg, the official Spokesman for the Parliament, criticized the bank’s approach, which “generalized the Parliament’s spending as a lump sum without delving into a detailed breakdown.” He emphasized the need for a “more transparent, itemized representation, accusing the bank of presenting information that could be perceived as incomplete or skewed.”

The Spokesman clarified: “The financial expenditure reports released by the CBL encompass more than just the Parliament. They include expenses related to several bodies such as the General Intelligence, the Audit Bureau in the east and west, Administrative Control bodies, and the National Planning Council, among others.”