Libya: Central Bank reunified after 9 years

Nearly a decade after its division, the Central Bank of Libya has been re-unified, governor Sadiq al-Kabir announced on Sunday, 20th August.

The central bank has been reinstated as a unified sovereign institution, Reuters reports.

The announcement was made by the bank’s governor at their Tripoli headquarters, following a meeting with the country’s east deputy governor Mari Muftah Rahil, as well as department heads from both the Tripoli and the Benghazi branch.

Read: Time to reform Libya’s crumbling banking system?

The Civil War caused the monetary authority to be split in two since 2014. Instability first struck the oil-rich country since the fall of dictator Moammar al Qaddafi in 2011. As a result of the war, Libya split into the eastern half and the western half, with opposing governments on either side leading administrations.

The Delegation of the European Union to Libya stated in response to the news: “The reunification of the branches of the Central Bank is a crucial step towards a united, stable, and prosperous Libya. It is now up to all parties concerned to build on this achievement to successfully conclude the ongoing UN-mediated talks aimed at identifying a Libyan-led, Libyan-owned, inclusive and sustainable political solution for the country, through national elections.”, the lead spokesperson for foreign affairs, Peter Stano, said in a statement.

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