Thirty-four members of the Libyan House of Representatives issued a joint statement on Wednesday, calling for the appointment of a new board of directors for the Central Bank of Libya (CBL). They held Governor Al-Siddiq Al-Kabir fully responsible for the country’s dire economic situation, citing his role in expanding spending and increasing the money supply.
The MPs emphasized that exchange rate adjustments and monetary policy management are within the mandate of the Central Bank and do not involve the House of Representatives. They urged the formation of a team of Libyan experts to study the crisis and proposed that all entities provide necessary data to devise effective solutions.
Furthermore, they called for an investigation by the Attorney General into the governor’s claim of unidentified parallel spending.
On Tuesday, Libyan Prime Minister Abdelhamid Dbaiba pledged to address the rising dollar exchange rate against the Libyan dinar, citing security agencies’ discovery of $200 million in counterfeit money purchased within one week. Dbaiba acknowledged the challenges facing his government and vowed to stabilize the dinar and ensure fair prices for all citizens.
Meanwhile, the Libyan Parliament-designated government, led by Osama Hammad, supported the Central Bank governor’s call to halt excessive spending by the outgoing government. In a statement, Hammad’s government accused the rival administration, headed by PM Abdelhamid Dbaiba, of worsening living conditions and damaging the national economy.
