| 14 June 2024, Friday |

Libya’s central bank reunifies after almost a decade

The Central Bank of Libya has been re-established as a single sovereign institution, according to its governor, nearly a decade after it was divided in two due to civil strife.

After meeting with Deputy Governor Mari Muftah Rahil and department heads from both the Tripoli and Benghazi branches, Governor Sadiq al-Kabir delivered the announcement at the bank’s headquarters in Tripoli.

Libya’s central bank has been separated into western and eastern branches since 2014, when the nation split following a civil war and a rival administration arose in the east.

Oil-rich Libya descended into chaos after the NATO-backed overthrow of leader Muammar Gaddafi 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 Abdulhamid AlDabaiba said on X.

The central bank signaled its intent to move toward reunification in January 2020 as part of a peace progress after a ceasefire, and instructed professional services firm Deloitte to help with the transition.

  • Reuters