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UK Praises Libya’s Central Bank in Supporting Financial Stability

December 21, 2023
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The Governor of the Central Bank of Libya (CBL), Siddiq Al-Kabir welcomed the British Ambassador to Libya, Martin Longden in his office today, Wednesday.

The meeting involved an exchange of views on several matters of mutual interest. Longden lauded the role of the CBL in supporting the financial stability of the state, combating corruption, and reconstructing areas affected by floods.

On Tuesday, Ambassador Longden met with the Head of the Presidential Council, Mohammed Al-Mnifi, to discuss the latest political developments.

He affirmed his support for the UN Envoy to Libya, Abdoulaye Bathily’s initiative, aimed at securing the electoral process and achieving stability throughout Libya.

Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.

Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.

The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.

The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.

Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.

Tags: cblCentral BanklibyaUK
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