Major General Rajab Gatusa, Head of the Tripoli based Municipal Guard Agency, received yesterday a delegation of directors of the departments and banks of the Central Bank of Libya, in the presence of the directors of departments and branches of the Municipal Guard Authority.
During the meeting, they discussed ways to enhance cooperation and joint coordination between the Municipal Guard and the Central Bank of Libya in following up and organising commercial and financial activities to ensure the strict and effective implementation of laws and regulations
Financial inclusion, e-payment services and digital economy
The importance of enhancing financial inclusion and expanding electronic payment services was also emphasized in order to facilitate financial transactions, reduce dependence on traditional cash, and support the gradual transformation towards an integrated and transparent digital economy
Key pillars to protect economy
The participants stressed that these initiatives are a key pillar to protect the national economy from financial risks, enhance the stability of markets, and ensure the provision of more efficient and fast financial services to citizens, which contributes to supporting sustainable economic development
Develop mechanisms of joint action
They stressed the need for continued coordination and close cooperation between the two entities to raise the efficiency of supervision and inspection and develop mechanisms of joint action to face the economic and financial challenges that may face the country.
It will be recalled that the CBL is attempting to reduce the cash economy and further spread the use of e-payments to reduce the reoccurring cash crises. It has, in cooperation with the Tripoli government, instructed all government entities to receive payments from the public through the sole use of e-payments.
