By Sami Zaptia.
Tripoli 7 June:
At a press conference . . .[restrict]held today, the Governor of the Central Bank of Libya (CBL), Saddek Elkabeer, announced that there are to be no further restrictions on cash withdrawals from current accounts in banks in Libya.
‘All the indicators suggest that there is increasing confidence in the local banks and the assurance of depositors and current account holders in the functioning of the banks’.
He revealed that the monetary policy committee of the CBL held numerous meetings regarding this issue of liquidity in the Libyan market and that the committee was confident that equilibrium was now reached between deposits and withdrawals in banks.
The CBL governor called on all potential depositors not to hesitate in depositing their money in their banks as a means of securing their cash and as a means for the economic development of the nation – in view of the lifting of any withdrawal restrictions.
On the other hand, the CBL Governor confirmed that the National Transitional Council (NTC) had passed the new Islamic banking law, which will soon appear in the official Gazette.
He revealed that the CBL had formed a committee to implement the new Islamic banking law, which he felt was very vital and important and needed special human resource capabilities and systems.
Regarding the issuing of a new currency, the Governor explained that issuing new notes required six months and that contact with international companies that specialized in this were continuing.
On the topic of the cancellation of all interest payments due on (non Islamic) loans, the Governor revealed that the CBL had formed a committee to come up with recommendations on this issue. [/restrict]
