The Two Branches of the Central Bank of Libya Meet to Further Unification Efforts
On 9 September, Governor Saddek El Kaber and Deputy Governor Ali El Hebri of the Central Bank of Libya (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 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.
EWG Co-Chairs emphasized the importance of a unified central bank to the political process and Libya’s stability. 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.