Tuesday, July 8, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

World Bank Calls for Unification of Libya’s Two Central Banks

September 20, 2020
Share on FacebookShare on Twitter

The World Bank has called for the unification of Libya’s two central banks in an initiative to improve the financial conditions of the war-torn country.

“The split in the central banks has stymied control over monetary and fiscal policy as well as performance,” the World Bank said on Friday in a report reviewing the monetary conditions of Libya.

Th report explained that the political conflict dividing the country has severely damaged the economy and led to destruction of human capital, livelihoods, basic services and infrastructure.

There are two central banks operating in the country. The Central Bank of Libya is under the control of the UN-recognised Government of National Accord in Tripoli, while its rival in Bayda is under the control of the eastern-based Interim Government.

The World Bank added that the split between the two central banks has stymied control over Libya’s monetary and fiscal policy in addition to impeding performance of full bank supervision. The World Bank explained that both central banks print money and issue currency without coordinating and in the absence of any overarching fiscal policy controls. As a result, the Libyan dinar has dramatically declined in value.

The report also noted that the international audit of the central banks is expected to take place in the near future and will be the first step towards the banks’ unification.

On 14 September, protesters took to the streets to express their anger against permanent power cuts, fuel shortages and the high cost of living.

Tags: BankCentrallibyaUnificationWorld
Next Post

114 Migrants Rescued Near Libya’s Coast

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Benghazi Hosts Libya’s Key Energy Innovation Forum

Libyan MP: Libya Will Not Serve as Europe’s Border Guard

Belgassem Haftar Meets Greek FM to Discuss Investment & Infrastructure Cooperation

Haftar Meets Greek FM in Benghazi

Libya’s Sirte Oil Company Discusses Cooperation with Schlumberger

Greek Oil Tanker Damaged by Suspected Explosive Device off Libyan Coasts

EDITOR PICKS

Libyan Parliament & State Council Discuss New Unified Government

Libya’s Sirte Oil Company Discusses Cooperation with Schlumberger

54 Migrants Rescued in Libya

Greek Coastguard Rescues Dozens Of Migrants From Libyan Routes

Libyan MP: Libya Will Not Serve as Europe’s Border Guard

Libyan Army Rescues 37 Migrants

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR