CBL Governor slams Libya Audit Bureau as the cause of more cash shortages

CBL Governor slams Libya Audit Bureau as the cause of more cash shortages

April 04, 2018 - 22:43
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Written By: AbdulkaderAssad

The Governor of the Central Bank of Libya (CBL) Al-Siddiq Al-Kabeer has accused Audit Bureau of interfering in the work of the CBL leading to some sort of confusing at the banking system and the worsening of cash crisis as well as the fluctuation of currency exchange rates.

In a letter to the Head of the Audit Bureau, Al-Kabeer said the fact that the online system of the letters of credit was blocked for the employees was because the Audit Bureau violated the non-disclosure agreement that was signed between the two administrations after the employees were proved to have abused the database.

"The reason why the CBL employees did not turn up for the Audit Bureau investigation is that the latter did not abide by the laws, including the decision to annul the Audit Bureau's order to suspend CBL employees in last November and the Administrative Control Authority's order that said the Audit Bureau's summoning of CBL employees was not legal." CBL Governor's letter reads.

He also lashed out at the "odd" interference of the Audit Bureau in CBL's work, pointing out that the Audit Bureau had failed to review final revenue status of Libya since 2007.

"Theb Audit Bureau did not even go over the final revenue status for the CBL and the commercial banks since 2010, which keeps money loose and available for corruption deals, besides the confusion it makes in the relationship between international financial organizations and Libyan banks." Al-Kabeer elaborated.

Last November, the Audi Bureau ordered the suspension of officials at the CBL due to "abuse their job positions leading to hindering the work of the bureau and the best interest of the country."

However, the administrative judiciary stopped the suspension order and asked the officials to resume their jobs.

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