Libyan central banks sign four-stage plan agreement

The Tripoli-based Central Bank of Libya and its eastern branch decided to reunite with an agreement signed by the chairman of the respective banks.

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Al-Siddiq Al-Kabir, Governor of the Central Bank of Libya (CBL), based in the capital Tripoli, and Ali Salim Hibri, the head of the eastern branch of the CBL, signed a contract covering a 4-stage plan for the reunification of the institutions.

In the statements made after the agreement, it was emphasized that a very important step was taken for the unification of the boards of directors and the initiation of technical audits.

In the past months, Al-Kabir, after negotiations with Hibri, said that the first leg of the unification will be completed by July.

In addition to this, Al-Kabir stated that the separation of institutions deepened the political crisis in Libya and negatively affected the country’s economy by increasing interest rates and public debt.

Nonetheless, the parties reviewed the roadmap presented by Deloitte international audit firm during the negotiations.

It was stated that public trust and transparent management will increase with the merger of the institutions.

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