Libyan Central Bank to begin reunification process
There were two parallel central banks during the Libyan civil war controlled by the country’s rival factions.
The Central Bank of Libya will soon begin uniting the country’s competing financial institutions.
The bank's governor, Saddek Omar Elkaber, announced the “reunification process” yesterday, adding that the institution hired the US consulting firm Deloitte to help. The result will be one unified central bank in Libya. Elkaber called the news a “national achievement” in a press release.
Libya had two parallel central banks during the civil war, which ended in 2020. One was run by the Tripoli-based and internationally recognized Government of National Accord, and the other by Gen. Khalifa Hifter’s Libyan National Army in the east.
Spokespeople for Deloitte did not immediately respond to Al-Monitor’s request for comment.
