CBL holds first complete board meeting after ousting of former Governor El-Kaber

‎The Central Bank of Libya (CBL) announced that it had held its first board meeting today of the newly appointed board which included all the new six members – headed by the Governor and his Deputy.

The CBL reported that the meeting discussed/approved several points, most notably:

The exchange rate policy,
Effective supervisory methods
Activating the role of the Monetary Policy Committee
Approval of the draft certificates of deposit of absolute speculation in accordance with Islamic banking
Granting of the final approval to foreign exchange companies and bureaux that obtained the initial approval, provided that their conditions are in accordance with the general rules governing their work.‎

The CBL post its August 2024 crisis and the El-Kaber era
It will be recalled that the ousted Governor, Saddek El-Kaber, had run the CBL unilaterally without the board ever meeting throughout his tenure since the 2011 Libyan ‘’17 February Revolution’’ that ended the Qaddafi regime. Taking advantage of Libya’s east-west political split, El-Kaber resisted attempts to replace him until he was forcibly removed in August 2024.

The CBL Crisis
It will be recalled that the CBL Crisis was precipitated when the Presidency of the House of Representatives (and not the HoR in session) confirmed the previously sacked Saddek El-Kaber as the Governor of the Central Bank of Libya (CBL) on 16 August.

HoR Speaker Salah decree reduces FX sales surcharge from 20 to 15 percent

CBL reduces POS e-payment charges to 1 and 1.5 percent from 3.75 percent

In response, the Presidential Council announced on 18 August that it had taken a unanimous decision to elect a new Governor of the CBL and form a new Board of Directors within ‎the House of Representatives Resolution No. 3/2018. This is the 2018 HoR law which had removed El-Kaber as CBL Governor – but the eastern based HoR was never able to enforce this in Tripoli.

The appointment of a new CBL Governor was rejected by both Libya’s recognised legislative bodies, the HoR and High State Council (HSC).

The appointment of a new CBL Governor by the Presidency Council, a non-legislative body, had sent the Libyan diner into a nosedive on the black-market.

On 26 September UNSMIL announced 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.

Aldabaiba welcomes change at CBL, will not remain idle to obstructers of elections (libyaherald.com)

UNSMIL welcomes HoR’s appointment of consensual CBL Board of Directors‎ (libyaherald.com)

HoR names CBL Board members – CBL Governor welcomes the announcement (libyaherald.com)

HoR votes unanimously to approve Naji Issa as new CBL Governor (libyaherald.com)

Agreement reached on appointment of CBL Governor, Deputy and Board (libyaherald.com)

Applications for opening documentary credits will start today: CBL (libyaherald.com)

Tripoli Libyan government responds to U.S. statement on CBL crisis – sees statement as positive (libyaherald.com)

U.S. calls for steps to maintain the credibility of the CBL (libyaherald.com)

Libya loses US$ 120 million, and counting, because of recent oil closures: NOC (libyaherald.com)

Newly installed CBL administration claims it has gained control of all its banking systems (libyaherald.com)

Presidency Council welcomes yesterday’s UN Security Council statement – will participate in national dialogue within broader framework (libyaherald.com)

UN Security Council calls for a consensus-based solution to the current Central Bank crisis (libyaherald.com)