CBL launches electronic system to facilitate the work of banks

CBL launches electronic system to facilitate the work of banks

September 29, 2022 - 16:09
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Written By: SafaAlharathy

Libya's Central Bank (CBL) has launched an electronic system to facilitate the functioning of commercial banks operating in Libya.

The Head of the CBL, Saddek Elkaber, disclosed the matter on Wednesday during a meeting with general managers of commercial banks at the Banking and Monetary Control Department HQ.

The system enables banks to submit their data automatically in a unified electronic format. It also provides a modern mechanism for collecting and displaying data and detailed information related to the banking sector, preparing reports and monetary and banking statistics, besides following up on safety and financial stability indicators.

Earlier this month, Prime Minister Abdul Hamid Dbeibah discussed with the CBL head the observations of the bank's latest report, which indicated a low revenue in some government agencies, including the telecommunications and customs sectors.

The meeting dealt with government spending and expanding transparency and public disclosure in all government bodies, according to a statement by the government.