Libya's Central Bank (CBL) has stabilized operations and reestablished communication with international banks, according to Asim Al-Hajjaji, Director of Compliance at the institution.
Speaking to Italy's Nova news agency, Al-Hajjaji confirmed that the bank is now focused on aligning with international regulations and enhancing transparency.
Al-Hajjaji emphasized that efforts to bolster internal performance and adopt stringent financial crime prevention measures, such as combating money laundering and terrorism financing, have been critical in rebuilding trust with global financial institutions. These actions have positioned the bank to foster new opportunities for international partnerships.
Despite this progress, the bank continues to face challenges. Dismissed Governor Sadek Elkaber recently told Reuters that Libya's Central Bank remains isolated from the global financial system. According to Elkaber, international banks have halted transactions, complicating access to Libyan assets abroad.
Elkaber added that the bank's newly appointed board, under the Presidential Council's mandate, controls the country's internal payments system, while foreign banks resist engagement.
However, he confirmed ongoing dialogue with key international institutions, including the International Monetary Fund, the U.S. Treasury, and JP Morgan.
