Governor of Central Bank of Libya unveils reasons for faltered unification of board

Governor of Central Bank of Libya unveils reasons for faltered unification of board

December 01, 2022 - 19:05
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Written By: AbdulkaderAssad

The Governor of the Central Bank of Libya, Al-Siddiq Al-Kabir, confirmed that efforts to reunify the Central Bank have faltered due to this year’s split between the Tripoli-based government and parliament; telling Bloomberg that the process may resume as soon as political stability returns, even if only relatively.

Al-Kabir said Libya’s current domestic debt is unchanged at about 155 billion dinars ($31.7 billion) He added that while some Libyans are calling for policies to strengthen the dinar against the US dollar and reduce the price of imports, the prevailing political and economic conditions make it difficult for the central bank to reconsider the exchange rate, especially in light of the constant and repeated threats to shut down oil production and exports.

He said the National Oil Corporation (NOC) had received about $1.7 billion this year for unspecified development projects.

"Output needs to be at least 1.4 million barrels per day if we want to make a shift in Libya’s economy and expand development projects as well as motivate private sector." He added.