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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Arab League Welcomes Reunification of Libya's Central Bank


Mon 21 Aug 2023 | 04:05 PM
The Arab League
The Arab League
H-Tayea

The Arab League (AL) on Monday welcomed the reunification of the Central Bank of Libya, which had been divided into two entities due to a yearslong civil war.

"The move will impact the Libyan economy and the living conditions of Libyans in a positive way," the AL said in a statement.

It voiced hope that "this important step will be an incentive to unify other Libyan institutions that suffered divisions for years and to put an end to the controversial issues of distributing revenues that have caused conflict among political actors."

"This is an encouraging decision to activate the political process toward the procedures of running the awaited elections," it added.

On Sunday, Siddiq Al-Kaber, governor of the Central Bank of Libya, made the announcement at the bank's headquarters in Tripoli after meeting with department heads from Tripoli and Benghazi branches.

The bank has been divided into western and eastern branches since 2014.

Libya has witnessed violence and insecurity since the fall of the late leader Muammar Gaddafi in 2011.