UNSMIL welcomes HoR’s appointment of consensual CBL Board of Directors‎

The United Nations Support Mission in Libya (UNSMIL) yesterday welcomed the appointment of the Board of Directors of the Central Bank of Libya (CBL) pursuant to Decree No. 17 of 2024, issued the previous day by the Presidency of the House of Representatives (HoR).

This appointment, it said, represents an important step in the implementation of the terms of the CBL agreement reached on 26 September, which UNSMIL had facilitated between the HoR and the legislative advisory body, the High State Council.

Independence and accountability
UNSMIL said it is also necessary to ensure that the Central Bank of Libya operates independently‎‎, fairly‎‎, transparently and accountable in parallel with its effective management of monetary policy and its contribution to supporting the country’s economic stability.‎

‎Make tangible progress on CBL reunification
UNSMIL encouraged the new leadership of the CBL to continue efforts to make tangible progress on its reunification and to implement further measures to strengthen its governance, including avoiding conflicts of interest.

Adoption of sound policies
The Mission further encouraged the adoption of sound policies to ensure financial and economic stability in Libya, based on the recommendations of the International Financial Review of the Central Bank of Libya facilitated by UNMEE and Article IV consultations with the International Monetary Fund.‎

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‎Avoid political interference
UNSMIL reminded of the need to immunise the CBL against political interference to maintain its credibility within the international financial system and enable it to play its essential role in the Libyan economy effectively.‎

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