The Ministry of Finance expressed regret that the Central Bank of Libya (CBL) had rejected the financial transactions on the pretext of not adopting financial arrangements for the current year.

"The CBL decision was based on a flawed argument and indicates a lack of understanding and follow-up by CBL officials of the prevailing law," the ministry stated yesterday.

It disclosed that it had repeatedly referred the procedures to the CBL, but the CBL had regrettably flouted the legal provisions in a "dictatorship manner", without providing any legal justifications, according to the ministry.