The Libyan Central Bank has finally put an end to almost ten years of split, a consequence of the civil war which violently destabilized the country. News of reunification marks a major turning point in Libya’s financial landscape and paves the way for long-awaited economic stability.
Capital meeting
The merger was sealed after a historic meeting between Sadiq al-Kabir, the Governor of the Central Bank, and his counterpart in the east of the country, Marai Rahil. The exchange of views took place in the capital, Tripoli.
A Step Towards Unity and Stability
Al-Kabir and Rahil officials, while welcoming this progress, expressed their continued commitment to addressing the deleterious consequences of the division that has endured for years. However, the precise details of this approach have not yet been disclosed.
Central role: Guardian of oil revenues
It should be remembered that this bank plays the crucial role of guardian of billions of dollars from oil revenues, as well as foreign exchange reserves. In 2014, it had fragmented in response to the deep political divisions that crossed the country. The bank’s recognized international location remains in Tripoli, while an eastern branch, allied with military commander Khalifa Hafter, has established itself in Benghazi.
