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By Sami Zaptia.
London, 3 April 2016:
The Central Bank of Libya (CBL) released a statement yesterday in which it recognized the GNA . . .[restrict]and PM-designate Serraj.
It welcomed the ‘’start of a new era’’ hopefully ‘’ending divisions’’. It called for all to ‘’unite and collaborate’’ to ‘’stop fighting’’ and ‘’empower the judicial system and to embrace the rule of law’’. It also called for ‘’resuming the production and export of oil and gas’’.
The CBL recognition of the GNA follows on from similar statements from the National Oil Corporation (NOC) and from the Petroleum Facilities Guards (PFG) controlled by Ibrahim Jadran that it will cooperate with the GNA.
Meanwhile, the CBL has denied social media suggestions that it has been instrumental in creating the current cash crises in Libya awaiting the arrival of the Government of National Accord of Faiez Serraj and that it now plans to release cash into the Libyan market.
The CBL blamed the cash shortage on one level on the lack of confidence in Libya by major business leaders who have chosen to hoard their money rather than deposit it in Libyan banks. It reiterated that there is LD 24 billion in cash outside the Libyan banking system. It added that if only 10 percent of this were deposited in banks, it would solve the current cash crises.
On another level, it blamed the oilfield and oil ports blockade by Jadran in the east of reducing Libya’s oil production and hence its hard currency revenues. [/restrict]
