By Libya Herald staff.
Tripoli, 28 May 2014:
The Central Bank of Libya (CBL) announced that it is changing working hours for banks . . .[restrict]because of the present security situation.
According to an announcement on its Facebook page, banking hours will be 9 am to 1 pm, Sunday to Thursday. All banks and branches will be closed on Saturdays. However, branches based at borders and in airports will continue to operate as usual.
According to the announcement, the bank’s decision is based on law No. 1 of 2005 which states that the CBL is responsible to supervise banks, decrease risks and preserve public peace.
Speaking to the Libya Herald, Aman Bank Chairman Mokhtar Eshili said that the decision has nothing to do with the availability of cash. “The problem is in transporting money from the CBL to various banks.”
Eshili said that Aman Bank has the personnel to provide security for its vans when transporting money, but other banks may not have this. “The local military council has said it can provide this kind of security, but it is really not equipped to do so,” Eshili stated.
The decision by the CBL comes after a number of recent robberies of bank vehicles. Earlier this week, LD 1.5 million was stolen as a bank security van was transporting money from one branch to another in Sirte. An Aman Bank security van was robbed in Tripoli in April. Aman Bank recently announced that it would no longer accept cash deposits at its branches due to security problems.
Essam Al-Oul, the head of the CBL’s media office told Libya Herald that the bank would make an official announcement about the modified operating hours at a workshop tomorrow. [/restrict]