Member of the Libyan House of Representatives, Abdel Moneim Al-Arfi, stated that representatives from both the Parliament and the High Council of State (HCS), involved in the UN-led consultations to resolve the Central Bank of Libya crisis, have agreed to form a three-member committee to manage the bank until a new governor is appointed. The committee’s decisions will be made unanimously.
In a press statement, Al-Arfi added that the committee members will be named by both the House of Representatives and the HCS within a week of the agreement’s signing.
The appointment of the new Central Bank governor and deputy must occur within 20 days from the date the committee members are approved by a decision from the Speaker of the House of Representatives.
He noted that once the new governor is appointed and begins duties, the governor will, in consultation with the legislative authority, nominate members of the Central Bank’s Board of Directors.
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.
