Governor says unification of Libya's Central Bank to take 6 months

Governor says unification of Libya's Central Bank to take 6 months

December 12, 2021 - 20:33
Posted in:
Written By: AbdulkaderAssad

The Governor of the Libyan Central Bank Al-Siddiq Al-Kabir said unifying process needs six months, in which all challenges will be overcome.

Al-Kabir told Bloomberg that there's no budget deficit in Libya, neither there is a deficit in private expenditures with the last month's increase of oil prices, reiterating the need for cooperation between the government and parliament to tackle the increase of public debt (270%) of the GDP.

He also said that the unification of the CBL will help monitor the exchange rate of the dinar better and more effectively, in addition to supporting the government's financial policy, adding that unifying the Central Bank will boost the country’s economy and relations with international partners.

"The oil sector is vital to us. It makes up 95% of our economy and the exported oil helps support the economy and overcome issues created by the war and COVID-19." Al-Kabir said.

Al-Kabir met with his deputy Ali Al-Hibri in Tunisia in the presence of Deloitte representatives. They agreed at the meeting on a plan for the unification of the Central Bank.