The Central Bank of Libya (CBL) is the

monetary authority A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monet ...

Libya Libya, officially the State of Libya, is a country in the Maghreb region of North Africa. It borders the Mediterranean Sea to the north, Egypt to Egypt–Libya border, the east, Sudan to Libya–Sudan border, the southeast, Chad to Chad–L ...

. It has the status of an autonomous corporate body. The law establishing the CBL stipulates that the objectives of the

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

shall be to maintain monetary stability in Libya and to promote the sustained growth of the economy in accordance with the general economic policy of the state. The headquarters of the Central Bank are in Tripoli. However, to make the CBL services more accessible to commercial banks, branches and public departments located far from the headquarters. The CBL has three branches, located in

Benghazi Benghazi () () is the List of cities in Libya, second-most-populous city in Libya as well as the largest city in Cyrenaica, with an estimated population of 859,000 in 2023. Located on the Gulf of Sidra in the Mediterranean Sea, Mediterranean, Ben ...

, Sabha and

Sirte Sirte (; , ), also spelled Sirt, Surt, Sert or Syrte, is a city in Libya. It is located south of the Gulf of Sirte, almost right in the middle between Tripoli and Benghazi. It is famously known for its battles, ethnic groups and loyal ...

History

The CBL was founded in 1955 under Act no. 30 (1955) started its operations on 1 April 1956 under the name of National Bank of Libya,Bank of Libya, Economic Bulletin-Statistical Supplement, Economic Research Division of Bank of Libya, July 1967. to replace the Libyan Currency Commission which was established by the

United Nations The United Nations (UN) is the Earth, global intergovernmental organization established by the signing of the Charter of the United Nations, UN Charter on 26 June 1945 with the stated purpose of maintaining international peace and internationa ...

and other supervising countries in 1951 to ensure the well-being of the weak and poor Libyan economy. The bank was established in the former Savings Bank building (), designed in 1921 by Armando Brasini and completed in the early 1930s. The Bank's name was changed to Bank of Libya under Act no. 4 (1963), then to its current name Central Bank of Libya after the 1969 coup d'état. In March 2011, the governor of CBL, Farhat Bengdara, resigned and defected to the rebelling side of the Libyan Civil War, having first arranged for the bulk of external Libyan assets to be frozen and unavailable to the Gaddafi government. On 6 December 2021, Tripoli-based Governor of the CBL Sadiq al-Kabir met with Bayda-based CBL governor, Ali Al-Hibri, who before the split had been Elkaber's Deputy Governor, in

Tunisia Tunisia, officially the Republic of Tunisia, is a country in the Maghreb region of North Africa. It is bordered by Algeria to the west and southwest, Libya to the southeast, and the Mediterranean Sea to the north and east. Tunisia also shares m ...

and agreed to start unification of the CBL. On 20 January 2022, Elkaber and Al-Hibri signed an agreement on a four-stage unification plan, with the appointment of

Deloitte Deloitte is a multinational professional services network based in London, United Kingdom. It is the largest professional services network in the world by revenue and number of employees, and is one of the Big Four accounting firms, along wi ...

to oversee the process. On 20 August 2023, the bank officially announced the completion of its reunification under Elkaber and his deputy in the east, Maree Raheel. On 30 August 2024, the Tripoli-based Government of National Unity sent armed militants to remove CBL governor Sadiq al-Kabir from his office, accusing him of "mishandling oil revenues". Sadiq al-Kabir said that he had been forced to flee Libya to escape threats from armed militants, and called Abdul Hamid Dbeibah's attempt to replace him illegal, as it breached

negotiated accords regarding control over the bank. In response, the

-based Government of National Stability closed down all oil fields, facilities, and terminals in protest.

Governors

This is a list of governors of the Central Bank of Libya since its establishment.Mohammed Al-Shukri returns to CBL as governor (Arabic).
/ref> The Bank saw its administration split twice, first during the first civil war, (February–August 2011), then from September 2014 on, as a result of the second civil war.

References

External links

* (in English) {{Authority control

Banks of Libya Buildings and structures in Tripoli, Libya 1955 establishments in Libya Banks established in 1955 Organizations based in Tripoli, Libya

History

Governors

See also

References

External links