The Central Bank of Libya has been reinstated as a unified sovereign establishment, its governor mentioned Sunday, virtually a decade after it was break up in two on account of civil conflict.
Governor Sadiq al-Kabir made the announcement on the financial institution’s headquarters in Tripoli after a gathering with Deputy Governor Mari Muftah Rahil and division heads from each Tripoli and Benghazi branches.
Libya’s central financial institution has been divided between western and japanese branches since 2014 after a parallel administration emerged within the east when the nation break up following a civil conflict.
Oil-rich Libya descended into chaos after the NATO-backed overthrow of chief Moammar Gadhafi in 2011.
“This is a crucial milestone in enhancing the performance of this vital sovereign institution, as we remain committed to integration and bolstering transparency and disclosure measures adopted by our government,” Prime Minister Abdul Hamid Dbeibah mentioned on X.
The central financial institution signaled its intent to maneuver towards reunification in January 2020 as a part of peace and progress after a cease-fire and instructed skilled providers agency Deloitte to assist with the transition.
Source: www.dailysabah.com
