CBL.. Reunification had a positive effect on the Libyan economy

In the most significant step towards unification of the Central Bank of Libya to date, Governor of the Central Bank of Libya Mr. Saddek Omar Elkaber and Deputy Governor, Mr. Ali Salem Alhebri, met today to agree a detailed plan to embark on the process of unifying the Central Bank.

Elkaber and Alhebri discussed a phased approach to achieving unification in line with a previously agreed upon road map, proposed by the International consultancy firm Deloitte after having completed the international financial audit of the Central Bank in July 2021, in addition to the corresponding work streams, and the technical teams required to implement the process.

The meeting, in which Deloitte participated after have being invited to provide technical advice and support, concluded with an agreement by the Governor and Deputy Governor to embark on the implementation of the unification process, affirming their commitment to advancing towards achieving the desired objectives from unifying the Central Bank of Libya.

The division has caused major financial losses and a spike in public debt to more than $100 billion, according to the bank.

The reunification deal comes before Libya is set to hold elections on December 24.