Divided Central Bank holds first unified meeting in years

Full board of directors meeting took place for the first time in six years to address the growing economical crisis in the country

BY Libyan Express Dec 08, 2020 - 12:40

Board of directors meeting held a spirit of unity and optimism. [Photo: Internet]

The Central Bank of Libya’s divided board of directors held a preliminary meeting for the first time in six years to address the exchange rates and ongoing financial crisis in the country.

In an official statement, the CBL reported that the aim of the meeting is tor reactivate the role of the board in accordance with the word of law and address the stability of the foreign exchange prices and resolve the liquidity crisis in the country.

The statement added that members of the board shared an optimistic look forward by discussing the implementation of appropriate financial policies and undertaking important reforms to the current banking system.

The CBL also said that the meeting discussed ways to adjust the exchange rates in a way that achieves sustainability in the long term.

The statement concluded by saying that the meeting between the divided board held a spirit of unity and optimism with a common goal to achieve what is best for the public interest.

The meeting comes on the heels of the controversial decision by the National Oil Cooperation to freeze all oil revenues until a unified exchange rate is instated and corrupt policies are reformed according to the chairman of the NOC.

The decision to freeze all revenues led to an emergency meeting called by the Prime Minister, Fayez al-Sarraj between the Governor of the Central Bank, Sadiq al-Kabir and chairman of the NOC, Mustafa Sanalla to best address the consequences of freezing the oil revenues and ways to resolve the conflict between the two governmental institutions that are in the best interest of the Libyan people.

Since the full board of directors meeting yesterday, Sunday, the dollar exchange rate on the black market fell by 20 cents to 5,80.

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