Libya’s central bank, based in Tripoli, announced on Sunday that it would suspend all operations following the abduction of a senior official. The bank stated that it would not resume work until the kidnapped official was safely released.
Musaab Muslam, head of the bank’s information technology department, was abducted earlier in the day by unknown assailants. The central bank, Libya’s sole internationally recognized repository for oil revenues, condemned the kidnapping, denouncing the actions as “mob-like methods practiced by some parties outside of the law.”
In a statement, the bank added that other officials had also received threats, prompting the decision to halt operations until the authorities intervened and the abductions and threats ceased.
Libya, divided between two rival governments in Tripoli and Benghazi, relies heavily on oil revenues for economic stability. The suspension of central bank operations raises concerns over potential disruptions to the country’s financial system.
The U.S. ambassador to Libya, Richard Norland, recently warned that attempts to forcefully replace the bank’s senior management could jeopardize Libya’s access to international financial markets. Norland had previously met with the central bank governor, Sadiq Kabir, to discuss concerns over armed groups gathering around the bank’s headquarters in Tripoli.
“Disputes over the distribution of Libya’s wealth must be resolved through transparent and inclusive negotiations toward a unified, consensus-based budget,” Norland said in a statement.
Libya has been marred by instability since the 2011 NATO-backed uprising that ousted longtime ruler Muammar Gaddafi. The country remains divided between rival factions in the east and west, despite a 2020 ceasefire and ongoing efforts to reunify the nation’s institutions.
Tensions remain high, with recent clashes in Tajoura, an eastern suburb of Tripoli, leaving at least nine people dead and 16 wounded earlier this month. The Tripoli-based Government of National Unity, led by interim Prime Minister Abdulhamid al-Dbeibah, faces growing challenges as rival military commander Khalifa Haftar exerts control over eastern Libya.
Attempts to reach a lasting political resolution have yet to succeed, leaving the country’s future uncertain amid ongoing conflict and economic turmoil.
