Central Bank of Libya merges again

The Central Bank of Libya has taken a significant step by reuniting its western and eastern branches, ending a division that had persisted since 2014.

Siddiq Al-Kaber, the Governor of the Central Bank of Libya, revealed this development during an announcement at the bank’s main office in Tripoli. This announcement came after productive discussions with key leaders from both the Tripoli and Benghazi branches of the bank.

Libya has faced a tumultuous period marked by violence and instability following the overthrow of the late leader Muammar Gaddafi in 2011.

In response to the Bank’s reunification, the Arab League (AL) expressed its viewpoint on Monday. The AL welcomed this move, highlighting its potential positive impact on the Libyan economy and the overall living conditions of the Libyan population.

The AL expressed optimism that this pivotal move could also serve as a catalyst for the unification of other Libyan institutions that have been fragmented for an extended period. This reunification holds the promise of resolving longstanding disputes over revenue distribution, which have been a source of contention among various political actors.

Furthermore, the Arab League noted the significance of this decision in terms of advancing the political process, particularly in relation to the forthcoming elections that are eagerly anticipated. The reunification of the Central Bank of Libya is seen as a constructive stride towards facilitating the necessary procedures for these awaited elections.

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