UNSMIL reviews preliminary CBL audit, final report expected this month

finance & economy - April 7, 2021

UNSMIL revealed yesterday that it had held a preliminary review of the Central Bank of Libya audit.

The review held between 2-5 April, involved a series of meetings between the United Nations Office for Project Services (UNOPS) and Deloitte International, the firm selected to conduct the financial review process, with representatives of the Libyan Presidency Council, Libya’s Attorney General’s Office and both branches of the Central Bank of Libya (CBL). The meetings reviewed and verified the preliminary results of the international financial review of the CBL.

As requested by former head of the Libyan Presidency Council, Faiez Serraj, the purpose of the international financial review is to restore integrity, transparency and confidence in the Libyan financial system and create the conditions for the unification of Libyan financial institutions.

This request was endorsed by the UN Security Council in UN Resolution 2434 that mandated UNSMIL to support the process. Governor Sadeq El Kaber and Deputy Governor Ali Al Hibri agreed to a Terms of Reference with the support of the International Financial Institutions. An international procurement process was managed by UNOPS resulting in the selection of Deloitte International.

Since the launch of the process in August 2020, Deloitte gathered information from both branches of the CBL. This information was combined with additional data from other official sources which were then verified through third party confirmations with the relevant commercial banks.

The final report will be completed this month. It will include recommendations on how to improve the integrity and unity of the banking system including, in particular, practical steps to unify the central bank and enhance accountability and transparency.

libyaherald



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