UN Convenes Meetings to Review Preliminary Results of the Financial Audit Review of the Central Bank of Libya
Between 2-5 April, The United Nations Support Mission I Libya (UNSMIL), together with the United Nations Office for Project Services (UNOPS) and Deloitte International, the firm selected to conduct the financial review process, convened a series of meetings with representatives of the Presidency Council, the Attorney General’s Office and both branches of the Central Bank of Libya (CBL) to review and verify the preliminary results of the international financial review of the CBL.
As requested by former President of the Presidency Council Mr. Fayez Serraj, the purpose of the international financial review is to restore integrity, transparency and confidence in the Libyan financial system and create the conditions for the unification of Libyan financial institutions. This request was endorsed by the UN Security Council in UN Resolution 2434 that mandated UNSMIL to support the process. Governor Al-Sadeeq El Kabir and Deputy Governor Ali Al Hebri agreed to a Terms of Reference with the support of the International Financial Institutions. An international procurement process was managed by UNOPS resulting in the selection of Deloitte International.
Since the launch of the process in August 2020, Deloitte gathered information from both branches of the CBL. This information was combined with additional data from other official sources which were then verified through third party confirmations with the relevant commercial banks.
The final report will be completed this month. It will include recommendations on how to improve the integrity and unity of the banking system including, in particular, practical steps to unify the central bank and enhance accountability and transparency.