The Central Bank of Libya has revealed plans to end years of conflict between Libya’s eastern and western banks.
“The Governor of the Central Bank of Libya, Al-Siddiq Al-Kabeer, and his deputy, Ali Al-Hibri, agreed on a detailed plan to launch the process of uniting the Central Bank, after a meeting today in Tunisia,” Libya’s central bank said in a statement on Monday.
“The meeting discussed the stages of the unification in accordance with the roadmap proposed by the international accounting firm Deloitte, with the completion of the international financial audit review for the Central Bank in July,” it added.
According to the UN Support Mission in Libya, the evaluation decided that central bank unification is no longer recommended, but rather essential (UNSMIL).
“The division complicates access to foreign exchange, impedes monetary reform, and undermines the integrity and oversight of the commercial banks,” the mission said.
The Libyan Central Bank has been divided into eastern and western banks since 2014.
