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Central Bank of Libya

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Central Bank of Libya
مصرف ليبيا المركزي
CBL Logo
CBL Logo
CBL HQ
CBL HQ
HeadquartersAl Fatah Street,Tripoli
Established1 April 1956;68 years ago(1 April 1956)(started operations)
Ownership100%state ownership[1]
GovernorAbdel Fattah Ghafar
Central bank ofLibya
CurrencyLibyan dinar
LYD (ISO 4217)
Reserves71 010 million USD[1]
Preceded byLibyan Currency Committee
Websitecbl.gov.lyTripoli, Libya
centralbankoflibya.orgAl-Bayda

TheCentral Bank of Libya(CBL) is themonetary authorityinLibya.It has the status of an autonomous corporate body. The law establishing the CBL stipulates that the objectives of thecentral bankshall be to maintain monetary stability in Libya and to promote the sustained growth of the economy in accordance with the general economic policy of the state.

The headquarters of the Central Bank are inTripoli.However, to make the CBL services more accessible to commercial banks, branches and public departments located far from the headquarters. The CBL has three branches, located inBenghazi,SabhaandSirte.

History

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The CBL was founded in 1955 under Act no. 30 (1955) started its operations on 1 April 1956 under the name ofNational Bank of Libya,[2]to replace theLibyan Currency committeewhich was established by theUnited Nationsand other supervising countries in 1951 to ensure the well-being of the weak and poor Libyan economy.[3]

The bank was established in the former Savings Bank building (Italian:Cassa di Risparmio della Tripolitania), designed in 1921 byArmando Brasiniand completed in the early 1930s.[4]

The Bank's name was changed toBank of Libyaunder Act no. 4 (1963),[2]then to its current name Central Bank of Libya after the1969 coup d'état.[citation needed]

In March 2011, the governor of CBL,Farhat Bengdara,resigned and defected to the rebelling side of theLibyan Civil War,having first arranged for the bulk of external Libyan assets to be frozen and unavailable to theGaddafigovernment.[5]

On 6 December 2021,Tripoli-based Governor of the CBL Sadiq al-Kabir met withBayda-based CBL governor, Ali Al-Hibri, who before the split had been Elkaber's Deputy Governor, inTunisiaand agreed to start unification of the CBL.[6][7]On 20 January 2022, Elkaber and Al-Hibri signed an agreement on a four-stage unification plan, with the appointment ofDeloitteto oversee the process.[8][9]On 20 August 2023, the bank officially announced the completion of its reunification under Elkaber and his deputy in the east, Maree Raheel.[10]

On 30 August 2024, theTripoli-basedGovernment of National Unitysent armed militants to remove CBL governor Sadiq al-Kabir from his office, accusing him of "mishandling oil revenues".[11]Sadiq al-Kabir said that he had been forced to flee Libya to escape threats from armed militants, and calledAbdul Hamid Dbeibah's attempt to replace him illegal, as it breachedUnited Nationsnegotiated accords regarding control over the bank.[12][13]In response, theBenghazi-basedGovernment of National Stabilityclosed down all oil fields, facilities, and terminals in protest.[14]

Governors

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This is a list of governors of the Central Bank of Libya since its establishment.[3][15][16][17][18][19]The Bank saw its administration split twice, first during thefirst civil war,(February–August 2011), then from September 2014 on, as a result of thesecond civil war.

Name tenure start tenure end Notes
Ali Aneizi 26 April 1955 26 March 1961
Khalil Bennani 27 March 1961 1 September 1969
Kassem Sherlala 20 September 1969 17 January 1981
Rajab El Msallati 18 January 1981 3 March 1986
Muhammad az-Zaruq Rajab 4 January 1987 6 October 1990
Abd-al-Hafid Mahmud al-Zulaytini 7 October 1990 13 February 1996
Taher Al-Jehaimi 14 February 1996 22 March 2001
Ahmed Menesi 23 March 2001 5 March 2006
Farhat Bengdara 6 March 2006 6 March 2011
Abd-al-Hafid Mahmud al-Zulaytini 6 March 2011 2 April 2011 acting
Muhammad az-Zaruq Rajab 2 April 2011 August 2011
Ahmed S. El Sharif February 2011 April 2011 for theNTC(inBenghazi)
Kassem Azzuz April 2011 12 October 2011 for theNTC(inBenghazito Aug. 2011)
Sadiq al-Kabir 12 October 2011 18 August 2024 for theGNC,laterPCsince Sep. 2014
Mohamed Shukri 18 August 2024 26 August 2024 appointed by the PC[20]
Abdel Fattah Ghafar 26 August 2024 Incumbent appointed by the PC as acting governor[21]

See also

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References

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  1. ^abWeidner, Jan (2017)."The Organisation and Structure of Central Banks"(PDF).Katalog der Deutschen Nationalbibliothek.
  2. ^abBank of Libya, Economic Bulletin-Statistical Supplement, Economic Research Division of Bank of Libya, July 1967.
  3. ^ab"Central Bank of Libya"(in Arabic). 2015.Retrieved23 June2016.
  4. ^Claudia Conforti (1990),"Armando Brasini's Architecture at Tripoli",Environmental Design: Journal of the Islamic Environmental Design Research Centre,Rome: Carucci Editore: 46–55
  5. ^FT interview dated 17 May 2011here
  6. ^"In risk to future stability, rivalries hobble Libya's economy".The Arab Weekly.9 October 2021.Retrieved12 December2021.
  7. ^Assad, Abdulkader (6 December 2021)."Central Bank of Libya moves toward unification".The Libya Observer.Retrieved12 December2021.
  8. ^Assad, Abdulkader (20 January 2022)."Libya's Central Bank launches unification process".Libya Observer.Retrieved20 January2022.
  9. ^"Libya's rival central banks take steps to reunify in peace push".Reuters.20 January 2022.Retrieved20 January2022.
  10. ^"Libya's central bank announces reunification after nearly a decade of division due to civil war".AP News.21 August 2023.Retrieved21 August2023.
  11. ^Cordall, Simon Speakman."Diplomatic failings and 'elite bargains' prolonging Libya turmoil: Analysts".Al Jazeera.Retrieved22 September2024.
  12. ^"Libya's central bank chief flees country over militia threats: Report".Al Jazeera.Retrieved22 September2024.
  13. ^"Libya central bank governor, other bankers flee to avoid militias, FT says".Reuters.30 August 2024.Retrieved22 September2024.
  14. ^"Libya's eastern government says oilfields closed over central bank spat".Al Jazeera.Retrieved22 September2024.
  15. ^"Appointing a New Governor of CBL"(in Arabic). 4 April 2011. Archived fromthe originalon 10 August 2016.Retrieved23 June2016.
  16. ^"Dismissing G. of CBL"(in Arabic). 14 September 2014.Retrieved23 June2016.
  17. ^"NTC dismisses G. Of CBL"(in Arabic). 12 October 2011.Retrieved23 June2016.
  18. ^Inauguration of Mohammed al-Shukri as CBL's governor (Arabic).
  19. ^Mohammed Al-Shukri returns to CBL as governor (Arabic).
  20. ^"Libya's powerful central bank governor is fired as country's deep divisions persist".Associated Press.19 August 2024.Retrieved19 August2024.
  21. ^Facebook(in Arabic). 26 August 2024https:// facebook /share/4oiByjx9mYjibJu8/?mibextid=WC7FNe.{{cite web}}:Missing or empty|title=(help)
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