The Governor of the Central Bank of Libya (CBL), Naji Issa, met yesterday with the Governor of the Bank of England, Andrew Bailey—who also serves as Chair of the Financial Stability Board (FSB) and a member of the Board of Directors of the Bank for International Settlements (BIS)—at his office in London.
The meeting took place within the framework of strengthening cooperation and communication with international financial and banking institutions.
The meeting addressed several topics of mutual interest, foremost among them current economic and financial developments and efforts toward economic reform to ensure fiscal sustainability.
Discussions also covered ways to enhance cooperation and exchange expertise in banking operations, monetary policy, and financial stability, as well as leveraging international experiences to support the banking sector and improve its efficiency.
The Governor also outlined the CBL’s efforts to implement financial inclusion plans aimed at developing electronic payment systems and services, expanding the use of modern payment methods, and broadening access to banking and financial services.
Furthermore, the meeting touched upon the management of foreign reserves and assets. Views and expertise regarding international best practices in this field were exchanged, including an examination of appropriate options to bolster the CBL’s gold reserves as part of a balanced strategy for reserve management and asset diversification that supports monetary and financial stability.
For his part, the Governor of the Bank of England, the CBL reported, commended the efforts of the CBL and the progress and achievements it has realized across various areas of banking and financial operations.
This praise was offered despite the challenges and exceptional circumstances arising from political and institutional divisions in Libya, which complicate the CBL's ability to carry out its duties and responsibilities in the usual manner. He emphasized that the achievements made under these conditions reflect significant institutional efforts to maintain the Bank’s performance, enhance its systems and services, and support monetary and financial stability.
Both sides underscored the importance of continued communication, the exchange of expertise, and strengthened cooperation between the CBL and the Bank of England. Such collaboration contributes to building institutional capacity, supporting efforts to modernize the Libyan banking sector, and fostering its integration into the international financial system.