On the sidelines of attending the Annual Meetings of the IMF and World Bank held in Washington, D.C. (13 to 18 October), Naji Issa, the Governor of the Central Bank of Libya, met in Washington, DC, last Tuesday (14 October) with Eric Meyer, Assistant Secretary of the Treasury for Middle Eastern and African Affairs, to discuss several issues of mutual interest.
These discussions included monitoring the latest developments in the financial and economic situation in Libya, and the Central Bank’s initiatives a year after the appointment of the Governor and the Board of Directors.
They also discussed strengthening procedures for implementing foreign transactions with the Federal Reserve, combating corruption and the smuggling of foreign currency out of Libya through letters of credit and the parallel market, and the resulting risks of money laundering and terrorist financing.
The two parties also discussed the measures required to begin providing cash dollars to the Central Bank of Libya, the Libyan banking sector, and exchange companies and offices on a regular basis, as well as controls to limit their exploitation for illegal purposes.
For his part, the CBL reports, Meyer praised the pivotal role played by the CBL considering the numerous internal and external challenges, and the results of its efforts over the past year to maintain financial stability, the independence of the Central Bank, and the protection of the Libyan currency.
Meyer also emphasized the importance of the CBL’s continued cooperation with the US Federal Reserve and the US Treasury in combating financial corruption, implementing compliance standards and requirements, and punishing violators of these standards.
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CBL and IMF discuss pivotal role played by the CBL to get Libya out of its decades-long crisis
