New board of Central Bank of Libya confirms start of duties from Tripoli headquarters

The Board of Directors of the Central Bank of Libya, appointed by the Presidential Council, announced on Monday (August 26) evening that it has fully assumed its management duties. The announcement was made through a statement on the bank’s Facebook page.

In the statement, the board affirmed its dedication to ensuring a smooth transition and overcoming what it termed as “disruption attempts” by the previous administration. The board reiterated its commitment to the priorities and promises outlined in its initial statement, emphasizing its awareness of the significant responsibilities it faces during this critical period in the country’s history. The board expressed its determination to stabilize the economy, benefit Libyan citizens, and address the impact of ongoing crises.

The board also expressed confidence that this phase would meet the desired objectives with the support and cooperation of all relevant parties.

This announcement comes amid heightened political tensions following the Presidential Council’s decision to change the bank’s management. This move has been met with resistance from Governor Al-Siddiq Al-Kabir, as well as opposition from both the House of Representatives and the High Council of State, who have accused the Presidential Council of overstepping its authority.