EU Ambassador hails new Central Bank of Libya leadership as ‘Turning Point’

In a move aimed at revitalising Libya’s financial institutions, the Central Bank of Libya (CBL) has announced the appointment of a new governor and deputy governor.

This decision, facilitated by the United Nations Support Mission in Libya (UNSMIL) and endorsed by both the House of Representatives and the High Council of State, signals a renewed commitment to economic stability and transparency.

The incoming leadership faces the formidable challenge of steering the CBL towards a more accountable and independent future. Years of internal conflict and political fragmentation have left the bank grappling with issues of public trust and operational efficiency. The new governor and deputy governor, both seasoned technocrats with impeccable credentials, are expected to prioritise restoring confidence in the CBL and safeguarding Libya’s financial sovereignty.

This leadership transition marks a crucial step towards unifying the country’s fractured financial landscape and ensuring that Libya’s wealth benefits all its citizens. By fostering greater transparency and accountability, the CBL aims to create a more stable and prosperous economic environment for the Libyan people.

The international community has welcomed this development, with the European Union’s Ambassador to Libya, Nicolas Orlando, praising the move as a “significant step forward.” He emphasised the importance of a unified and independent central bank in driving economic recovery and sustainable development.

The focus now shifts to the urgent task of resuming oil and gas production, a critical source of revenue for the nation. With the CBL’s renewed commitment to sound financial management, Libya is poised to unlock its economic potential and embark on a path of sustainable growth and shared prosperity.