No Result
View All Result
Monday, December 8, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Libya

State Council orders CBL to stop financial dealings with expired GNC

bySami Zaptia
April 13, 2016
Reading Time: 2 mins read
A A
State Council orders CBL to stop financial dealings with expired GNC

The State Council orders CBL to cease financial dealings with GNC.

By Sami Zaptia.

The State Council orders CBL to cease financial dealings with GNC.
The State Council orders CBL to cease financial dealings with GNC.

London, 13 April 2016:

As partially reported by Libya Herald yesterday, more details have emerged of the State Council’s . . .[restrict]instructions to the Central Bank of Libya (CBL) regarding dealings with the GNC.

In a letter that has been made public today, the High State Council led by Abdulrahman Swehli has ordered the CBL to cease all financial dealings with the GNC.

The letter stated that the GNC had expired and, by implication, no longer had any authority or legitimacy.

RELATED POSTS

Lack of control of state spending and the de facto existence of two governments in Libya negatively affects the CBL’s effectiveness: CBL Board Member

CBL instructs banks, fuel distribution companies and the bakeries’ union to increase the use of e-payments

The latest statement by the High Council puts it and the GNC squarely in a head-to-head battle for authority and legitimacy. The State Council letter says that it is currently the relevant body.

The action by the State Council overlooks the fact that the House of Representatives (HoR) considers its early formation premature ahead of a vote by the HoR on a necessary constitutional amendment and ahead of a vote of confidence in the Government of National Accord (GNA).

The open warfare between the State Council, overwhelmingly dominated by former GNC members, and the rump of the GNC still clinging on to power, further exposes the split and power struggle between the two GNC factions.

It also belies their 2014 claims that their military fight to control Tripoli has been all along one of principles and ideology, rather than for continued power.

The situation put the poor CBL in a very tight situation, caught between taking orders from the rump GNC and its Salvation Government, the State Council and the Presidency Council/Government of National Accord and the HoR and Thinni government in the east.

The CBL has maintained that it has attempted to remain a technocratic, independent financial body. However, de facto power in Tripoli by the Salvation Government had meant it had to deal with the local authority. It will be interesting to see if it recognizes the questioned authority of the State Council.

Where the CBL decides to stand will be pivotal as most Libyans live off a state salary. Whichever body gains the loyalty of the Tripoli-based CBL will gain de facto control of Libya’s purse strings, and hence control over Libya.

It will also be interesting to see if the rump GNC and its Salvation Government will attempt to use force, through their allied militias in Tripoli, to coerce the CBL into implementing their instructions and paying their handsome salaries. [/restrict]

Tags: Abdulrahman SwehliCBL Central Bank of LibyafeaturedGNA Government of National AccordGNC General National Congress

Related Posts

CBL Governor Issa announces three strategic initiatives to build a stronger banking sector at 6th Banking Sector Development Forum in Tunis 7 to 9 December
Business

CBL Governor Issa announces three strategic initiatives to build a stronger banking sector at 6th Banking Sector Development Forum in Tunis 7 to 9 December

December 7, 2025
CBL receives results from meetings with international banks
Business

Latest CBL stats to November 2025 show significant growth in Libya’s electronic banking sector

December 6, 2025
Nine deaths and 16 injured in Tajura state-recognised militia clashes
Libya

Overnight Zawia clashes end with civilian injuries and unconfirmed deaths

December 5, 2025
Interior Ministry’s Diplomatic Missions Protection personnel receiving training in Ukraine
Libya

Three million illegal immigrants in Libya, 75 % of whom are families, constitute ”settlement” which Libyans reject – illegally transfer US$ 7 billion annually: Interior Minister Trabelsi

December 4, 2025
EU to end Operation Sophia and to launch new Mediterranean operation to monitor UN Libya arms embargo
Libya

EU concludes Rome consultations with Libyan institutions on new migration and border management programme

December 4, 2025
Interior Ministry’s Diplomatic Missions Protection personnel receiving training in Ukraine
Libya

Libya’s National Programme for the Deportation of Illegal Immigrants: thousands repatriated with aim to repatriate 60,000 per month

December 3, 2025
Next Post

IS in deadly desert ploy; six reported killed

Tripoli CBL holds meetings in Rome

Tripoli CBL holds meetings in Rome

libyaherald-Ads

Top Stories

  • AmCham Libya leading Libyan delegation to 2024 World of Concrete Tradeshow in Las Vegas, 23-25 January

    AmCham Libya organizing Second AmCham Pavilion at Tripoli’s 2026 Libya Energy & Economic Summit (LEES)

    0 shares
    Share 0 Tweet 0
  • Three million illegal immigrants in Libya, 75 % of whom are families, constitute ”settlement” which Libyans reject – illegally transfer US$ 7 billion annually: Interior Minister Trabelsi

    0 shares
    Share 0 Tweet 0
  • Former Tripoli Marriot hotel rebranded, upgraded and reopened as Al-Hayat Tower

    0 shares
    Share 0 Tweet 0
  • National Oil Corporation, Eni, BP, and Libyan Investment Authority consortium preparing to drill first deepwater exploratory well in Sirte Basin

    0 shares
    Share 0 Tweet 0
  • “PM Aldabaiba, oversight bodies, Audit Bureau, and Attorney General bear direct legal responsibility for corruption currently plaguing National Oil Corporation’’

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Akakus Oil Operations complete drilling and commissioning of injection well which contributes to restarting several shut down wells

Lack of control of state spending and the de facto existence of two governments in Libya negatively affects the CBL’s effectiveness: CBL Board Member

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.