Central Bank of Libya signs a cooperation agreement with the World Bank within the Reserves Advisory and Management Programme (RAMP).
The Central Bank of Libya (CBL) reported last Tuesday (14 October) that the CBL Governor, Naji Issa, signed on the previous day October a cooperation agreement with Jorge Famillar, Vice President and Treasurer of the World Bank, at the World Bank’s headquarters in Washington, D.C.
The agreement aims to achieve competitive returns on the CBL’s foreign currency reserves, by adopting the best international practices in asset allocation, portfolio management and risk, in addition to developing human capabilities, information infrastructure, accounting framework, financial reports and legal framework, to enhance the efficient and effective management of financial assets.
This would enable the CBL to join a network of more than 90 financial institutions and sovereign funds around the world, enabling it to expand its network of counterparts dealing with them in the field of investments and reserve management, and allowing for the exchange of experiences and the adoption of international best practices.
