The Governor of the Central Bank of Libya (CBL), Al-Siddiq Al-Kabir, reviewed with the Board of Governors of the US Federal Reserve System the challenges of rising banking risks in light of changes and electronic transformation.

The CBL said the meeting, which was held in Washington, discussed the challenges of the financial sector and the role of the Central Bank in managing financial stability.

The Head of the International Monetary Fund's mission to Libya, Dmitry Gershenson hailed the role of the CBL in preserving Libya's foreign exchange reserves, which recorded $82 billion by the end of 2022.

Gershenson said, in a televised intervention on CNBC Arabia TV channel, that the CBL had played this role despite the turmoil, adding that this "provides support for the Libyan economy against shocks, and that the gross domestic product in Libya shrank by 11% in 2022," expecting the Libyan domestic economy to grow by 19% in 2023.