By Sami Zaptia.
London, 14 March 2016:
The Tripoli-based Central Bank of Libya . . .[restrict](CBL) announced that it had met with the IMF in Tunis on Sunday.
The CBL said that as part of the IMF’s technical support, consultancy and coordination role, discussions were held to look at the current bottlenecks and financial problems leading to economic and financial stability in Libya.
The announcement by the Tripoli CBL of its IMF meeting comes on the back of the announcement by the Beida-based CBL that it was holding meetings with the IMF in Tunis between 14-15 March.
It will be recalled that Libya is going through acute economic and financial crisis with cash shortages at banks, the late payment of state-sector salaries, a shortage of hard currency, a fall in the black market exchange rate of the Libyan dinar to just over a third ($1 = LD 3.50) of its official exchange rate ($1 = LD 1.30).
These are caused by a combination of a drastic fall in Libyan oil production and exports and in the political split in the country as well as the fighting between conflicting factions which have led to legitimacy and power vacuums. [/restrict]