The Governor of the Central Bank of Libya (CBL), Al Siddik Al Kabir, held a video conference with the European Union (EU) ambassadors to Libya to discuss the latest economic and financial developments in the country.
The discussions focused on adopting a unified budget and the progress of unifying the Central Bank of Libya. The meeting also explored ways to support Libyan institutions in maintaining financial sustainability and stability.
Additionally, they addressed the role of EU countries in supporting reconstruction projects, economic development initiatives across various sectors, and enhancing the human and institutional capacities of the CBL and other state institutions.
Earlier this month, Libya’s Central Bank Governor, Al-Siddik Al-Kabir, participated in a meeting of African central bank governors. The event took place on the sidelines of the Bank for International Settlements (BIS) annual meeting at its headquarters in Basel, Switzerland.
According to a statement posted on the Central Bank of Libya’s Facebook page on Monday, the meeting discussed the experiences of global central banks, including those from France, Canada, Europe, Japan, and the United States, in managing inflation.
The meeting also addressed the challenges facing African central banks, emphasising the need for coordination and cooperation among them. Discussions highlighted the role of central banks in maintaining financial stability and the importance of their independence.
Notably, the Central Bank of Libya (CBL) has announced its approval to join the International Settlements Bank (ISB), following a meeting between its Governor, Al Siddik Al Kabir, Deputy Governor, Marai Al Braasai, and accompanying delegation with Augustin Carstens, the Executive Director of the ISB, along with relevant department heads.
According to a statement released by the CBL, the meeting covered the approval process for the CBL’s membership in the ISB, as well as discussions on the consolidation efforts of the CBL, its compliance with anti-money laundering and counter-terrorism financing measures, and areas of cooperation and relationship development between the parties.
At the conclusion of the meeting, the Executive Director expressed his satisfaction and welcomed the developments and efforts undertaken by the CBL to maintain Libya’s financial sustainability. He praised the positive steps taken towards unifying the central bank and ensuring stability in the financial and banking sectors.
The statement further confirmed that Carstens announced the approval of the CBL’s membership in the ISB, granting the CBL access to services and technical support provided by the bank to central banks.
