Economy

Title: After a Decade of Division: Reunification of the Central Bank of Libya

Title: After a Decade of Division: Reunification of the Central Bank of Libya

The Governor of the Central Bank of Libya, Al-Seddiq Omar Al-Kabir, confirmed today, Sunday, that the bank has returned to being a unified sovereign institution after nearly a decade of division into two branches due to the civil war. The governor made this announcement at the bank's headquarters in Tripoli, following a meeting with Deputy Governor Mari Rahil and the directors of the bank's branches in Tripoli and Benghazi.

The Prime Minister of the National Unity Government, Abdul Hamid Dbeibeh, stated, "This is an important milestone in enhancing the performance of this vital sovereign institution, while we continue our commitment to integration and improving transparency and disclosure practices adopted by our government."

The Central Bank of Libya had divided into western and eastern branches since 2014, following the emergence of a parallel administration in the east amid Libya's civil conflict. In January, the Central Bank indicated its intention to move towards reunification as part of efforts for peace after reaching a ceasefire, and it instructed the professional services firm Deloitte to assist in this transition.

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