Central Bank of Libya explained

Image 1:LogoCBL.svg
Image 2:Central Bank of Libya.jpg
Image Width 1:100px
Image Title 1:CBL Logo
Image Title 2:CBL HQ
Bank Name In Local:مصرف ليبيا المركزي
Headquarters:Al Fatah Street, Tripoli
Ownership:100% state ownership[1]
Ceo:Carlos Gomes Alexandre Neto
President:Mohamed Shukri
Leader Title:Governor
Bank Of: Libya
Currency:Libyan dinar
Currency Iso:LYD
Reserves:71 010 million USD
Website:cbl.gov.ly
centralbankoflibya.org
Preceded:Libyan Currency Committee

The Central Bank of Libya (CBL) is the monetary authority in Libya. It has the status of an autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya and to promote the sustained growth of the economy in accordance with the general economic policy of the state.

The headquarters of the Central Bank are in Tripoli. However, to make the CBL services more accessible to commercial banks, branches and public departments located far from the headquarters. The CBL has three branches, located in Benghazi, Sabha and Sirte.

History

The CBL was founded in 1955 under Act no. 30 (1955) started its operations on 1 April 1956 under the name of National Bank of Libya,[2] to replace the Libyan Currency committee which was established by the United Nations and other supervising countries in 1951 to ensure the well-being of the weak and poor Libyan economy.[3]

The bank was established in the former Savings Bank building (Italian: Cassa di Risparmio della Tripolitania), designed in 1921 by Armando Brasini and completed in the early 1930s.

The Bank's name was changed to Bank of Libya under Act no. 4 (1963), then to its current name Central Bank of Libya after the 1969 coup d'état.

In March 2011, the governor of CBL, Farhat Bengdara, resigned and defected to the rebelling side of the Libyan Civil War, having first arranged for the bulk of external Libyan assets to be frozen and unavailable to the Gaddafi government.[4]

On 6 December 2021, Tripoli-based Governor of the CBL Saddek Elkaber met with Bayda-based CBL governor, Ali Al-Hibri, who before the split had been Elkaber's Deputy Governor, in Tunisia and agreed to start unification of the CBL.[5] [6] On 20 January 2022, Elkaber and Al-Hibri signed an agreement on a four-stage unification plan, with the appointment of Deloitte to oversee the process.[7] [8] On 20 August 2023, the bank officially announced the completion of its reunification under Elkaber and his deputy in the east, Maree Raheel.[9]

Governors

This is a list of governors of the Central Bank of Libya since its establishment.[10] [11] [12] [13] [14] The Bank saw its administration split twice, first during the first civil war, (February–August 2011), then from September 2014 on, as a result of the second civil war.

Nametenure starttenure endNotes
Ali Aneizi26 April 195526 March 1961
Khalil Bennani27 March 19611 September 1969
Kassem Sherlala20 September 196917 January 1981
Rajab El Msallati18 January 19813 March 1986
Muhammad az-Zaruq Rajab4 January 19876 October 1990
Abd-al-Hafid Mahmud al-Zulaytini7 October 199013 February 1996
Taher Al-Jehaimi14 February 199622 March 2001
Ahmed Menesi23 March 20015 March 2006
Farhat Bengdara6 March 20066 March 2011
Abd-al-Hafid Mahmud al-Zulaytini6 March 20112 April 2011acting
Muhammad az-Zaruq Rajab2 April 2011August 2011
Ahmed S. El SharifFebruary 2011April 2011for the NTC (in Benghazi)
Kassem AzzuzApril 201112 October 2011for the NTC (in Benghazi to Aug. 2011)
Saddek Elkaber12 October 201118 August 2024for the GNC, later PC since Sep. 2014
Mohamed Shukri18 August 2024Incumbentappointed by the PC[15]

See also

External links

Notes and References

  1. Web site: Weidner . Jan . The Organisation and Structure of Central Banks . Katalog der Deutschen Nationalbibliothek. 2017. PDF.
  2. Bank of Libya, Economic Bulletin-Statistical Supplement, Economic Research Division of Bank of Libya, July 1967.
  3. Web site: Central Bank of Libya . 2015 . ar . 2016-06-23.
  4. FT interview dated 17 May 2011 here
  5. News: 9 October 2021. In risk to future stability, rivalries hobble Libya's economy. The Arab Weekly. 12 December 2021.
  6. News: Assad. Abdulkader. 6 December 2021. Central Bank of Libya moves toward unification. The Libya Observer. 12 December 2021.
  7. News: Assad. Abdulkader. 20 January 2022. Libya's Central Bank launches unification process. Libya Observer. 20 January 2022.
  8. News: 20 January 2022. Libya's rival central banks take steps to reunify in peace push. Reuters. 20 January 2022.
  9. News: Libya's central bank announces reunification after nearly a decade of division due to civil war. AP News. 21 August 2023. 21 August 2023.
  10. Web site: Appointing a New Governor of CBL . 2011-04-04 . ar . 2016-06-23 . 10 August 2016 . https://web.archive.org/web/20160810201333/http://arabic.people.com.cn/31659/7339369.html . dead .
  11. Web site: Dismissing G. of CBL . 2014-09-14 . ar . 2016-06-23.
  12. Web site: NTC dismisses G. Of CBL . 2011-10-12 . ar . 2016-06-23.
  13. https://libyaschannel.com/2018/01/29/%D9%85%D8%AD%D9%85%D8%AF-%D8%A7%D9%84%D8%B4%D9%83%D8%B1%D9%8A-%D9%8A%D8%A4%D8%AF%D9%8A-%D8%A7%D9%84%D9%8A%D9%85%D9%8A%D9%86-%D8%A7%D9%84%D9%82%D8%A7%D9%86%D9%88%D9%86%D9%8A%D8%A9-%D8%A3%D9%85%D8%A7/ Inauguration of Mohammed al-Shukri as CBL's governor (Arabic).
  14. https://alwasat.ly/ar/mobile/article?articleid=162418 Mohammed Al-Shukri returns to CBL as governor (Arabic).
  15. Web site: Libya’s powerful central bank governor is fired as country’s deep divisions persist . 19 August 2024 . Associated Press . 19 August 2024 .