No Result
View All Result
Wednesday, July 9, 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 Business

CBL Tunis meeting details emerge: Dinar devaluation, unified board and Governors sidelined

bySami Zaptia
May 16, 2016
Reading Time: 2 mins read
A A
CBL Tunis meeting details emerge: Dinar devaluation, unified board and Governors sidelined

The Governors of the two Central Banks of eastern (Hibri, left) and western (El Kaber, right) Libya at a meeting in Tunis in 201? (Photo: social media).

By Sami Zaptia.

The Governors of the two Central Banks of eastern and western Libya are to be side lined as a new board will takeover their roles (Photo: social media).
The Governors of the two Central Banks of eastern and western Libya are to be side lined as a new unified board will takeover their roles (Photo: social media).

London, 16 May 2016:

Details are emerging of the results of what was believed to be the first ever meeting between the full boards of both ‘’branches’’ of the Tripoli and Beida Central Banks of Libya (CBL) held in Tunis last Thursday.

Ten main points emerged from the joint Tunis meeting. It was agreed that the CBL board of directors would be reformed the to its 2014 status – prior to the east -west split and the split of the CBL.

The unified boards of Beida and Tripoli will take over the roles of the 2014 Governor (Elkabir) and his Deputy (Hibri). This sidesteps the difficult political decision of having to choose between Elkaber and Hibri.

RELATED POSTS

Aldabaiba and Menfi stress use of polling feedback to establish consensus basis for constitutional process: report and analysis

Solution to Libya’s economic crisis is not through dinar devaluation but through economic reforms: 55 HoR members

Moreover, it was decided in the Tunis meeting that the posts of Governor and his Deputy would be effectively frozen until the new board of directors is selected.

It was also decided that the last CBL directive on letters of credit (LCs) would be repealed as well as the removal of all barriers to opening of LCs. Import restrictions through LCs on 37 items decreed by the GNC’s Salvation Government were also repealed.

It was also agreed that the proposal of offering treasury bonds, of as yet undetermined type, will be offered only in eastern Libya. Furthermore, the proposal by Ali Hibri of the eastern CBL of devaluing the Libyan dinar would be formally discussed at the next AGM to be held on 4th June.

The liquidity in Beida, it was agreed, will be legalized and pumped into the banks in the east. All administrative positions in CBL Tripoli would include members from the east as part of the unification process. And finally, in future, both branches are to present their reports to the new board and not to either governor or his deputy.

The Tunis meeting was co-hosted by Prime Minister-elect of the Government of National Accord and member of the Presidential Council Faiez Serraj and the House of Representatives’ Finance Committee.

It will be recalled that according to the Libyan Political Agreement (LPA) signed between the two conflicting sides in Libya signed in the Moroccan city of Skhirat in December 2015, all top state positions, including the Governor of the CBL revert to the Presidency Council (PC).

It is definitely the first time that the so-called Governors of both branches – Saddek Elkaber and Salem Hibri – have openly met let alone posed for a joint photograph since they chose to represent opposing political sides in Libya’s conflict. Hibri was Elkaber’s former deputy in Tripoli prior to de facto split between western and eastern Libya. [/restrict]

Tags: CBL Governor Ali Salem HibriCBL Governor Saddek ElkaberFaiez SerrajfeaturedLibyan dinar devaluationPC/GNA Presidency Council Government of National Accord

Related Posts

Aldabaiba opens First Phase of Tripoli’s Third Ring Road
Business

Aldabaiba opens First Phase of Tripoli’s Third Ring Road

July 9, 2025
NOC announces force majeure at Zawia port
Business

BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

July 9, 2025
English High Court appoints Receiver to manage LIA litigations against Goldman Sachs and Societe Generale
Business

LIA organises investment forum in London with participation of international banks, asset managers and investment funds

July 9, 2025
Akakus Oil drills 15 wells since January – producing 25,000 bpd
Business

Akakus Oil Operations drills new Sharara field well with initial production of 1,750 bpd

July 9, 2025
CBL receives results from meetings with international banks
Business

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

July 2, 2025
Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds
Business

Op-Ed: Reputational Damage Is Worse Than Losing Money

July 2, 2025
Next Post
North Africa Bank commences online Visa debit card applications and POS service

North Africa Bank commences online Visa debit card applications and POS service

Misratans report they have recaptured Abu Grain from IS

ADVERTISEMENT

Top Stories

  • Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds

    Op-Ed: Reputational Damage Is Worse Than Losing Money

    0 shares
    Share 0 Tweet 0
  • All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

    0 shares
    Share 0 Tweet 0
  • CBL demands imports are conducted through official banking instruments and the elimination of the FX black market

    0 shares
    Share 0 Tweet 0
  • Libya’s economy showed recovery in 2024, remained resilient despite reliance on hydrocarbons and ongoing political and security instability: World Bank

    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

Aldabaiba opens First Phase of Tripoli’s Third Ring Road

BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

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.