The two branches of the CBL meet to further unification efforts

By Sami Zaptia.

London, 10 September 2021:

The two branches of the Central Bank of Libya (CBL) met yesterday to further their stalled unification, UNSMIL reported.

It reported that Governor Saddek El Kaber and Deputy Governor Ali Hibri of the CBL, briefed the plenary of the Berlin Process, convened by the Economic Working Group (EWG) Co-Chairs (United States, Egypt, European Union, and UNSMIL), on how they intend to unify Libya’s central bank.

Participants, UNSMIL added, received a briefing on the UN-facilitated financial audit review by Deloitte which highlighted the 15 recommendations and roadmap for reunification.  Both the Governor and Deputy Governor summarized their respective efforts to advance the reunification process and underscored the necessity of the unity of the institution.

UNSMIL reported that the EWG Co-Chairs emphasized the importance of a unified central bank to the political process and Libya’s stability.  It said that it is anticipated that both branches would soon appoint technical teams and that the technical teams would meet to further efforts to unify the CBL.

A unified central bank will lead to an improved economy, increased foreign investment, and bring prosperity to the people of Libya.  The UN, WB, IMF, and the international community all expressed their willingness to fully support the reunification efforts, UNSMIL reported.

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