UNSMIL announced at a signing ceremony at its Tripoli headquarters yesterday that the House of Representatives and the High State Council had agreed on the consensual appointment of a Central Bank of Libya (CBL) Governor, his Deputy and the Board of Directors.
The new temporary CBL Governor will be Naji Issa and his Deputy will be Miree Al-Barasee.
Naji Issa is the current Director of the Department of Currency and Banking Supervision and has had about 27 years’ experience in banking, most of which has been in the CBL. Al-Barasee is the existing Deputy Governor hailing from the east of Libya.
The agreement on the process for appointment of the above contained 7 main points and 8 points in the appendix. The seven miain points are:
1 Nominate Naji Mohammed Issa (Belqasem) to assume the position of Governor of the Central Bank of Libya, and Mr. Marai Muftah Rahil Al-Barasi to assume the position of Deputy Governor.
2 Appoint the above candidates to the positions of Governor and Deputy Governor as stipulated in Article (15) of the Libyan Political Agreement within one week from the date of signing this Agreement, and a decision shall be issued by the House of Representatives to this effect.
3 The Governor shall, within a maximum period of two weeks from the date of assuming his duties, in consultation with the legislative authority, nominate members of the Board of Directors who are of integrity and highly qualified in the fields of law, financial, banking and economic affairs, provided that they are appointed in accordance with the applicable Libyan legislation and the criteria detailed in Annex No. (1) to this Agreement, and the membership of the Undersecretary of the Ministry of Finance in the Board of Directors of the Bank shall remain suspended.
4 The Governor and Deputy Governor may not exercise any of the powers granted to the Board of Directors in the absence of the Board of Directors in accordance with Article 16 of Law No. 1 of 2005 regarding banks and its amendments.
5 Any decision issued regarding the management of the Central Bank of Libya that conflicts with the Libyan Political Agreement and what is included in this agreement shall be cancelled.
6 The United Nations Support Mission in Libya (UNSMIL) shall work with all concerned parties to cancel all decisions and procedures that conflict with the implementation of this agreement.
7 This agreement shall be effective after its signing by representatives of the House of Representatives and the High State Council.
The Appendix
The appendix sets out the standards to be met by the Governor, his Deputy and members of the Board of Directors. It reads:
‘‘Without prejudice to the standards of independence, accountability, integrity and the requirements stipulated in the Libyan legislation and laws in force, the following conditions shall be observed in appointing the Governor, the Deputy Governor and each member of the
Board of Directors:
- To be Libyan with Libyan parents, and not to hold the nationality or passport of any other country.
- To have a university degree in the field of financial, banking, economic or legal affairs, and experience of no less than ten years in this field, and preference shall be given to those who have published scientific contributions.
- To have no commercial, financial or other interests that conflict with his duties or the requirements of neutrality or independence, or that would affect decision-making, including holding positions in commercial banks or financial companies.
- To be of good reputation, and no final judgment has been issued against him in a misdemeanour or felony that violates honour or trust even if his reputation has been restored.
- To enjoy civil and political rights.
- Not to have been convicted of crimes related to corruption and squandering of public funds.
To submit a financial disclosure statement for himself and his first-degree relatives.
Neither he nor any of his first-degree relatives have significant shares in any of the entities subject to the supervision of the Central Bank of Libya’’.
