In a significant stride towards the unification of the Central Bank of Libya (CBL), the committee tasked with this, and led by Governor Al-Siddiq Al-Kabir convened its third meeting on Sunday. The meeting, attended by directors of relevant departments from the bank’s branches in Tripoli and Benghazi, marked the successful unification of the Research and Statistics departments, and the Financial Information Unit.
This achievement follows the earlier unification of the Banking Supervision and Currency departments. Furthermore, the committee has agreed upon a roadmap for its operations in 2024. This indicated a continued commitment to streamlining and strengthening Libya’s financial governance.
Notably, Al-Kabir held a meeting with Nicola Orlando, the European Union Ambassador to Libya.
Lillian Anjou, Economic Advisor at the EU Embassy, was also present. This high-profile meeting was primarily focused on the unification of the CBL, a crucial aspect in stabilising the country’s economy.
The discussions highlighted the Central Bank’s initiatives to boost transparency and financial disclosure, demonstrating a commitment to international standards of banking and financial management. The meeting also addressed the concerted efforts of global institutions in aiding the reconstruction of Derna, and regions significantly impacted by conflict.
Moreover, the EU’s readiness to support the development of Libya’s private sector was a key agenda item. This support is vital for diversifying Libya’s economy, traditionally reliant on oil revenues, and for fostering sustainable economic growth through the empowerment of local businesses and entrepreneurs.
The unification of the Central Bank is a landmark step towards resolving the financial disparities between the eastern and western parts of the country, a division that emerged during Libya’s internal conflict.
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.