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Central Bank of Libya

State-owned bank in Libya

State-owned bank in Libya

FieldValue
bank_name_in_localمصرف ليبيا المركزي
logoLogoCBL.svg
imageCentral Bank of Libya.jpg
headquartersAl Fatah Street, Tripoli
ownership100% state ownership
established(started operations)
CEOCarlos Gomes Alexandre Neto
presidentNaji Mohamed Issa Belqasem
leader_titleGovernor
bank_ofLibya
currencyLibyan dinar
currency_isoLYD
reserves71 010 million USD
website[cbl.gov.ly](http://cbl.gov.ly/en) Tripoli, Libya
[centralbankoflibya.org](http://centralbankoflibya.org) Al-Bayda
precededLibyan Currency Committee

centralbankoflibya.org Al-Bayda The Central Bank of Libya (CBL) is the monetary authority in Libya. It has the status of an autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall 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 in Tripoli. 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 in Benghazi, Sabha and Sirte.

History

The CBL was founded in 1955 under Act no. 30 (1955) started its operations on 1 April 1956 under the name of National Bank of Libya, to replace the Libyan Currency Commission which was established by the United Nations and other supervising countries in 1951 to ensure the well-being of the weak and poor Libyan economy.

The bank was established in the former Savings Bank building (), designed in 1921 by Armando Brasini and completed in the early 1930s.

The Bank's name was changed to Bank of Libya under Act no. 4 (1963), then to its current name Central Bank of Libya after the 1969 coup d'état.

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

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

On 30 August 2024, the Tripoli-based Government of National Unity sent armed militants to remove CBL governor Sadiq al-Kabir from his office, accusing him of "mishandling oil revenues". Sadiq al-Kabir said that he had been forced to flee Libya to escape threats from armed militants, and called Abdul Hamid Dbeibah's attempt to replace him illegal, as it breached United Nations negotiated accords regarding control over the bank. In response, the Benghazi-based Government of National Stability closed down all oil fields, facilities, and terminals in protest.

Governors

This is a list of governors of the Central Bank of Libya since its establishment. The Bank saw its administration split twice, first during the first civil war, (February–August 2011), then from September 2014 on, as a result of the second civil war.

Nametenure starttenure endNotes
Ali Aneizi26 April 195526 March 1961
Khalil Bennani27 March 19611 September 1969
Kassem Sherlala20 September 196917 January 1981
Rajab El Misallati18 January 19813 March 1986
Muhammad az-Zaruq Rajab4 January 19876 October 1990
Abd-al-Hafid Mahmud al-Zulaytini7 October 199013 February 1996
Taher Al-Jehaimi14 February 199622 March 2001
Ahmed Menesi23 March 20015 March 2006
Farhat Bengdara6 March 20066 March 2011
Abd-al-Hafid Mahmud al-Zulaytini6 March 20112 April 2011acting
Muhammad az-Zaruq Rajab2 April 2011August 2011
Ahmed S. El SharifFebruary 2011April 2011for the NTC (in Benghazi)
Kassem AzzuzApril 201112 October 2011for the NTC (in Benghazi to Aug. 2011)
Sadiq al-Kabir12 October 201118 August 2024for the GNC, later PC since Sep. 2014
Mohamed Shukri18 August 202426 August 2024appointed by the PC
Abdel Fattah Ghafar26 August 20243 October 2024appointed by the PC as acting governor
Naji Mohamed Issa Belqasem3 October 2024Incumbent

References

References

  1. (2017). "The Organisation and Structure of Central Banks".
  2. Bank of Libya, Economic Bulletin-Statistical Supplement, Economic Research Division of Bank of Libya, July 1967.
  3. (2015). "Central Bank of Libya".
  4. Claudia Conforti. (1990). "Armando Brasini's Architecture at Tripoli". Carucci Editore.
  5. FT interview dated 17 May 2011 [http://video.ft.com/v/946393675001/Libyan-cash-may-be-hidden-in-desert here]
  6. (9 October 2021). "In risk to future stability, rivalries hobble Libya's economy". [[The Arab Weekly]].
  7. Assad, Abdulkader. (6 December 2021). "Central Bank of Libya moves toward unification". [[The Libya Observer]].
  8. Assad, Abdulkader. (20 January 2022). "Libya's Central Bank launches unification process". [[Libya Observer]].
  9. (20 January 2022). "Libya's rival central banks take steps to reunify in peace push".
  10. (21 August 2023). "Libya's central bank announces reunification after nearly a decade of division due to civil war". [[AP News]].
  11. Cordall, Simon Speakman. "Diplomatic failings and 'elite bargains' prolonging Libya turmoil: Analysts".
  12. "Libya's central bank chief flees country over militia threats: Report".
  13. (30 August 2024). "Libya central bank governor, other bankers flee to avoid militias, FT says". Reuters.
  14. "Libya's eastern government says oilfields closed over central bank spat".
  15. (2011-04-04). "Appointing a New Governor of CBL".
  16. (2014-09-14). "Dismissing G. of CBL".
  17. (2011-10-12). "NTC dismisses G. Of CBL".
  18. [https://libyaschannel.com/2018/01/29/%D9%85%D8%AD%D9%85%D8%AF-%D8%A7%D9%84%D8%B4%D9%83%D8%B1%D9%8A-%D9%8A%D8%A4%D8%AF%D9%8A-%D8%A7%D9%84%D9%8A%D9%85%D9%8A%D9%86-%D8%A7%D9%84%D9%82%D8%A7%D9%86%D9%88%D9%86%D9%8A%D8%A9-%D8%A3%D9%85%D8%A7/ Inauguration of Mohammed al-Shukri as CBL's governor (Arabic).]
  19. [https://alwasat.ly/ar/mobile/article?articleid=162418 Mohammed Al-Shukri returns to CBL as governor (Arabic).]
  20. (19 August 2024). "Libya's powerful central bank governor is fired as country's deep divisions persist".
  21. link. (26 August 2024)
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