The new Interim Governor of the Central Bank of Libya (CBL), Abdel Fattah Abdel Ghaffar, held today at the bank’s Tripoli headquarters, the first press conference of the new board of directors, in the presence of local and international media.
Reassures Libyan public
In his speech, Abdel Ghaffar reassured the Libyan people about the CBL and its work for the citizen with high specifications and cooperation with expert houses, stressing that there will be no delay in the payment of salaries in the future and we will work to disburse them within a day or two, and there will be no delay in disbursing them in the future.
Committed to transparency and disclosure
Abdel Ghaffar said that the CBL will be committed to transparency and disclosure to the supervisory authorities related to the bank, and will not hide anything from the data, noting that the Board of Directors will hold tomorrow, Wednesday, the first official meeting from inside the headquarters of the Central Bank.
Board will work as an institution
Abdel Ghaffar affirmed their full readiness to hand over their duties to any new board of directors agreed upon by all parties, reassuring all international and local bodies that the new management will work as an institution and not as individuals who make individual decisions.
50 dinar note, liquidity and its alternatives
The interim Governor explained that the grace period for accepting the 50 dinar note is likely to be extended, and the CBL board meeting tomorrow will address the issue of this category, adding that they are currently working to provide commercial banks with cash, and indicated that the new board of directors will establish advanced alternatives to use liquidity.
Assured the IMF and the World Bank
In the context of the press conference, he stated that the Board of Directors addressed the IMF and the World Bank, and assured them of their commitment to local and international legislation, stressing that the Board of Directors will work through committees that work through written policies taking into account institutional governance and good governance, and work to achieve the main functions of the bank in accordance with local and international standards.
Controversial and contested appointment
It will be recalled that Governor Abdel Ghaffar is a contested and controversial interim appointment by the Presidency Council ‘‘until the return of the Governor and the commencement of his work or the election of a governor’’.
Could send Libya over the edge
He and his board’s appointment is rejected by the two legislative Libyan bodies, the House of Representatives (HoR) and the High State Council, and has led to the start of a chain of events (oilfield closures) that could send Libya over the political and military edge again.
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