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Home Business

Central Bank denies licensing foreign banks

byMichel Cousins
March 21, 2013
Reading Time: 2 mins read
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Central Bank denies licensing foreign banks

Central Bank of Libya

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By Sami Zaptia.

Cental Bank of Libya taking delivery of new bank notes

Tripoli, 20 March 2013:

The Central Bank of Libya has denied a number of stories being reported by various media . . .[restrict]outlets that it had issued licences to foreign banks to operate independently in Libya.

In a statement released today, the bank stress stressed that any licences issued to any foreign banks to operate in Libya had to be in partnership with a Libyan bank.

The Central Bank, the sole authority responsible for issuing licences to foreign banks to operate in Libya, also denied media rumours that it plans to sell the National Commercial Bank (NCB) to Bahrain’s Arab Banking Corporation (ABC) or that it has made a decision to specifically bar any Egyptian banks temporarily from bidding for operating licences in Libya.

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Four days ago, three organisations – the National Labor Organisation for the Protection of the Revolution and the Fight against Corruption, the Supreme Commission of Labour for Libya and the NCB branch of the 17 February Revolutionaries Association  —  issued a statement saying they rejected the decision made by the Libyan Central Bank to sell 74 percent of NCB’s shares to ABC.

They called the sale a “betrayal and abandonment of Libya’s sovereign economic potential”  and claimed that the NCB was “one of the most successful Libyan banks” and was not in any financial difficulties.
The three called on the General National Congress and the Prime Minister to put a stop to the sale  and prevent “one of the largest Libyan banks from being lost, in the same manner as Wahda and Aman banks”.
Claiming they welcoming the reform of the banking sector, they said that shares should not be sold to non-Libyan institutions and companies. Cooperation with international banks was welcome but should only go as far as exchange of technology and no further.


[/restrict]

Tags: ABCBahrainCentral Bank of LibyafeaturedLibyaNCB
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