The Governor of the Central Bank of Libya (CBL), Al-Siddiq Al-Kabir, briefed the US Special Envoy to Libya, Richard Norland, on the most important measures that the bank will take to maintain the financial sustainability of the state and enhance the value of the Libyan dinar, without revealing what these measures are.
These remarks came during a meeting on Tuesday in Tripoli, in the presence of the chargé d'affaires of the US Embassy in Libya, Jeremy Brendt, according to the bank’s statement on its Facebook page.
The meeting discussed the efforts made with the Parliament’s Finance Committee and the rest of the state institutions to prepare a unified budget bill for 2024, and reviewed the efforts to unify the Central Bank, the reasons for the rise in the price of foreign currency in the parallel market, and the transparency and disclosure project adopted by the Central Bank of Libya.
Norland and Al-Kabir agreed on the need for a “unified budget to bring transparency and accountability to public spending,” Norland said, adding that the need for a unified budget helps the central bank protect the value of the dinar from further deterioration in the parallel market, referring to reports that “imported counterfeit banknotes are being used to buy dollars and euros,” so he stressed the need for Libyans to know how to spend their country’s wealth.
