Central Bank of Libya reunified after nearly a decade

The Central Bank of Libya has been restored as a cohesive sovereign entity, its governor confirmed on Sunday, marking the culmination of a process that spanned almost a decade.

At the bank’s headquarters in Tripoli, Governor Sadiq al-Kabir declared this development, following discussions with Deputy Governor Mari Muftah Rahil and department leaders from both the Tripoli and Benghazi branches.

Since 2014, Libya’s central bank has been partitioned into western and eastern branches due to the emergence of a parallel administration in the eastern region following a civil war.

Following the NATO-supported ousting of leader Muammar Gaddafi in 2011, resource-rich Libya plunged into turmoil.

“This is a crucial milestone in enhancing the performance of this vital sovereign institution, as we remain committed to integration and bolstering transparency and disclosure measures adopted by our government,” Prime Minister Abdulhamid AlDabaiba said on X.

In January 2020, the central bank expressed its commitment to reunification, a step taken as part of peace efforts following a ceasefire and to facilitate this transition, the bank enlisted the assistance of professional services firm Deloitte.

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