On Sunday, the Central Bank of Libya (CBL) announced that it has fully resumed all banking operations following the repair of its malfunctioning systems and a return to normalcy.
In a statement, the Central Bank of Libya (CBL) highlighted its commitment to ensuring the continuity of service for Libyan citisens, following the appointment of a temporary governor by the Presidential Council to stabilise the institution.
The CBL reaffirmed its dedication to political neutrality, emphasising its role in serving all citizens impartially. The bank has restored all aspects of its banking operations thanks to the efforts of the new executive management and board of directors, who have assumed their roles for the first time in ten years.
The statement emphasised the bank’s adherence to the highest standards of transparency and integrity. It also noted the bank’s enhanced risk management framework and compliance with recommendations from the Financial Action Task Force (FATF) and Basel standards to combat money laundering, terrorist financing, and corruption.
Additionally, the CBL affirmed its commitment to meeting all past, present, and future obligations in accordance with accepted banking laws, standards, and practices.
The announcement follows the departure of the previous administration and the disruption of banking systems, which left millions of Libyans unable to access their accounts, pensions, and essential supplies. The Presidential Council issued a decree appointing a temporary governor to ensure the continuity of services amidst these challenges.
The bank reiterated its commitment to sound governance, transparency, professional integrity, and the highest standards of financial crime management, including anti-money laundering, anti-terrorism financing, anti-bribery, anti-corruption, and anti-fraud measures, in line with FATF recommendations and Basel standards.
On Saturday, the U.S. Department of State reported that some banks had temporarily halted transactions with the Central Bank of Libya. This decision was attributed to a reassessment of relationships with the bank due to recent unilateral actions described as uncertain.
