Is Libya’s Central Bank Slowing Down Attempts to Combat COVID-19?

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On Tuesday the Head of the Liquidity Crisis Committee at the Central Bank of Libya (CBL), Ramzi Rajab Al-Agha, said that CBL Governor Al-Siddiq Al-Kabeer was reluctant to issue letters of credits to commercial banks. He added that this would hinder the import of medical goods and equipment.

In a statement on Facebook, Al-Agha criticised Al-Kabeer for making his decisions only after getting approval from the political powers he represents, claiming the CBL Governor is affiliated to the Muslim Brotherhood in Libya.

He also denounced the CBL’s failure to issue letters of credits to commercial banks, arguing that the latter are sorely needed by Libyan merchants to import goods and medical equipment required to face the threat posed by the COVID-19 virus (commonly known as Coronavirus).