CBL to form technical teams as part of reunification efforts

banking - September 12, 2021

Governor of the Central Bank of Libya (CBL) and head of the east-based parallel CBL have agreed to appoint technical teams as part of efforts to unify Libya's central bank, according to the United Nations Support Mission in Libya (UNSMIL).

'Both branches would soon appoint technical teams and that the technical teams would meet to further efforts to unify the CBL,' the UNSMIL said in a statement Friday.

The statement of the UN mission came after a meeting held in Tripoli, Thursday, that brought together CBL Governor Saddek El Kaber, his deputy (governor of the parallel bank) Ali Al-Hebri, and the Economic Working Group on Libya, which includes the United States, Egypt, the European Union, in addition to the UN mission.

The UNSMIL underscored that a unified central bank would improve the economy, increase foreign investment, and achieve prosperity for the Libyan people.

It indicated that the plenary of the Berlin Process received a briefing from Governor Saddek El Kaber and Deputy Governor Ali El Hebri on how they intend to unify the central bank.

'Participants received a briefing on the UN-facilitated financial audit review by Deloitte, which highlighted the 15 recommendations and roadmap for reunification.

The UN mission confirmed the readiness of the United Nations, the World Bank, the International Monetary Fund, and the international community to provide full support for the reunification efforts.

libyaobserver



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