The Central Bank of Libya (CBL) is the monetary authority in

Libya Libya (; ar, ليبيا, Lībiyā), officially the State of Libya ( ar, دولة ليبيا, Dawlat Lībiyā), is a country in the Maghreb region in North Africa. It is bordered by the Mediterranean Sea to the north, Egypt to the east, Suda ...

. It has the status of an autonomous corporate body. The law establishing the CBL stipulates that the objectives of the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...

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 Tripoli or Tripolis may refer to: Cities and other geographic units Greece *Tripoli, Greece, the capital of Arcadia, Greece * Tripolis (region of Arcadia), a district in ancient Arcadia, Greece * Tripolis (Larisaia), an ancient Greek city in ...

. 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,Bank of Libya, Economic Bulletin-Statistical Supplement, Economic Research Division of Bank of Libya, July 1967. to replace the Libyan Currency committee which was established by the

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and other supervising countries in 1951 to ensure the well-being of the weak and poor Libyan economy. The bank was established in the former Savings Bank building ( it, 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 Demographics of Libya is the demography of Libya, specifically covering population density, ethnicity, education level, health of the populace, economic status, and religious affiliations, as well as other aspects of the Libyan population. The ...

, having first arranged for the bulk of external Libyan assets to be frozen and unavailable to the

Gaddafi Muammar Muhammad Abu Minyar al-Gaddafi, . Due to the lack of standardization of transcribing written and regionally pronounced Arabic, Gaddafi's name has been romanized in various ways. A 1986 column by ''The Straight Dope'' lists 32 spellin ...

government. On 6 December 2021,

-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

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and agreed to start unification of the CBL. On 20 January 2022, Elkaber and Al-Hibri signed an agreement on a four-stage unification plan, with the appointment of

Deloitte Deloitte Touche Tohmatsu Limited (), commonly referred to as Deloitte, is an international professional services network headquartered in London, England. Deloitte is the largest professional services network by revenue and number of professio ...

to oversee the process.

Governors

This is list governors of The Central Bank of Libya since its establishment. , 29 يناير 2018Mohammed Al-Shukri returns to CBL as governor (Arabic).
/ref> The Bank endured twice an administration split, first during the first civil war, (February–August 2011), then from September 2014 on, as a result of the ongoing civil war.

References

External links

* (in English) {{Central banks

Banks of Libya Buildings and structures in Tripoli 1955 establishments in Libya Banks established in 1955 Organizations based in Tripoli

History

Governors

See also

References

External links