The Libyan House of Representatives approved on Monday the appointment of Naji Essa Belkassem as the new Governor of the Central Bank of Libya, alongside Marei Moftah Rahil Al-Barassi as his deputy. This decision was unanimously accepted during a session attended by 108 MPs. Deputy Speaker Misbah Douma confirmed that a new board of directors for the bank will be formed within 10 days of ratifying the agreement.
Naji Essa is one of the most prominent banking figures in Libya, with over 30 years of experience in the financial sector. His career at the Central Bank began in 1996, where he held several strategic positions, becoming a key figure in shaping Libya’s financial policies. His vast experience includes serving as an advisor to former governor Al-Siddiq Al-Kabeer and heading departments such as Banking Supervision and Research and Studies.
Essa played a crucial role in managing Libya’s financial crises, contributing to policies that stabilised the Libyan dinar amidst economic and political turbulence. His efforts to maintain the stability of the currency have earned him recognition, and there are high expectations for him to restore further confidence in the Libyan economy.
One of his significant achievements was holding general assemblies for Libyan banks, which had been suspended for over 15 years. He also oversaw the restructuring of major banks like Jumhouria Bank, the Bank of Commerce and Development, and the National Commercial Bank.
Essa is credited with unifying the banking sector between Libya’s eastern and western regions during a time of deep political and institutional division. His role in this unification earned him widespread respect, making him a consensus candidate for the governorship.
The new governor also spearheaded the development of Libya’s electronic payment systems and led efforts to place the Central Bank of Libya in the “white zone” in IMF ratings, signifying improved transparency and adherence to international standards.
