Libya’s Central Bank leadership set for overhaul

In a move aimed at stabilising Libya’s financial system, the House of Representatives and the High State Council yesterday agreed on the consensual appointment of a new Central Bank of Libya (CBL) Governor, Deputy Governor, and Board of Directors.

The agreement was announced at a signing ceremony held at the United Nations Support Mission in Libya (UNSMIL) headquarters in Tripoli.

Naji Issa, the current Director of the Department of Currency and Banking Supervision, will take the helm as the new temporary CBL Governor. He brings with him nearly three decades of banking experience, predominantly within the CBL. Miree Al-Barasee, the existing Deputy Governor from eastern Libya, will continue in his role.

The agreement outlines a clear process for the appointment and responsibilities of the new leadership, emphasising adherence to the Libyan Political Agreement and existing legislation. Notably, the new Governor is tasked with nominating a Board of Directors within two weeks, ensuring members meet strict criteria of integrity and expertise.

The agreement also underscores the importance of transparency and accountability. The Governor, Deputy Governor, and Board members must meet stringent standards, including financial disclosure and absence of conflicts of interest.

This development marks a significant step towards unifying Libya’s divided financial institutions and fostering economic stability in the country. The international community, represented by UNSMIL, has played a crucial role in facilitating this agreement, demonstrating continued commitment to Libya’s peace and prosperity.