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It was also decided that the last CBL directive on letters of credit (LCs) would be repealed as well as the removal of all barriers to opening of LCs. Import restrictions through LCs on 37 items decreed by the GNC’s Salvation Government were also repealed.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