Libya appoints new central bank governor to end its east-west division

January 30, 2018

The newly-elected governor of Libya's Central Bank Mohamed Shukri on Monday took the oath of office before the Libyan eastern-based House of Representatives (parliament), a parliament member said.

'The new governor of the Central Bank Mohammed Al-Shukri was sworn in before the Parliament. Thus, he has full legal powers to assume his duties as the head of the most important financial institution,' PM Ismail Al-Sherif told Xinhua.

Al-Sharif expressed hope for 'cooperation with Al-Shukri to carry out his duties and work quickly to end the financial and economic crisis the country has been experiencing for years.'

In a a televised speech after the swearing-in, Al-Shukri expressed aspiration for close cooperation with international institutions, describing his oath as 'the beginning of the unification of the central bank.'

'The Central Bank is a sovereign institution governed by the law. We will seek to provide liquidity, control the exchange rates and provide foreign currency,' Al-Shukri said.

Al-Shukri also reassured that the country's cash reserves amount to 71 billion dinars and the country's foreign assets amount to 120 billion U.S. dollars.

Despite signing a UN-sponsored peace agreement by the political factions, Libya remains politically divided amid insecurity and unrest.

The division also includes the central bank, which is divided between the east and the west of the country.

On December 19, 2017, the Libyan Parliament elected Mohamed Abdel-Salam Shukri as the new governor of the Central Bank of Libya.