International Crisis Group: Freezing Libya’s oil revenues is pending the appointment of a new government

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International Crisis Group: Freezing Libya’s oil revenues is pending the appointment of a new government

December 12, 2020 - 23:02
Written by: RabiaGolden

A report prepared by the International Crisis Group on Libya has revealed that the freezing of oil revenues in the accounts of the National Oil Corporation (NOC), has been limited to four months, which is intended to end, pending the appointment of a new government and unification of the Central Bank of Libya (CBL).

The report, which was issued on Friday, added that several international financial institutions may also restrict all export and import operations through the Libyan Foreign Bank if a recognized legal director is not appointed for the bank or the present conflict between the Head of the Presidential Council, Fayez Al-Sarraj, and the Governor of the CBL, Saddiq Al-Kabeer is not ended.