The Central Bank of Libya (CBL) reported yesterday that its Governor, Naji Issa, and his accompanying delegation, held an extensive meeting in London with representatives from major Arab, regional, and international financial and banking institutions. The meeting was attended by the Arab Bankers Association in London.
The CBL said the meeting comes as part of efforts to strengthen engagement with international financial and banking institutions and expand banking and financial cooperation horizons.
Participating institutions included Qatar National Bank (QNB), Arab National Bank, Arab-European Bank, Bank of New York Mellon (BNY), İş Bank (Turkey), Morgan Stanley, Bank ABC (Arab Banking Corporation), British Arab Commercial Bank (BACB), National Bank of Egypt, Bank of Beirut, and Pan Orient Bank.
The meetings addressed recent developments in the Libyan banking sector and the CBL’s efforts to implement a comprehensive reform and development programme. Discussions focused on enhancing monetary and financial stability and elevating the quality and efficiency of banking services to align with internationally recognized standards and practices.
The Governor also highlighted key achievements made recently regarding the modernization of the banking sector and digital transformation. He outlined the rapid evolution of Libya’s payment system, which has included the expanded use of electronic payment methods and instant transfers, the development of payment infrastructure, financial connectivity projects, and the "Ratibak Lahzti" (Instant Salary) initiative—all aimed at enhancing the efficiency of financial services and promoting financial inclusion.
The meeting addressed the CBL’s efforts to modernize governance, compliance, and risk management frameworks; enhance the efficiency of commercial banks; and develop banking services and products. These initiatives aim to strengthen the banking sector's ability to keep pace with developments in the banking and financial industries.
Discussions also covered prospects for developing relationships between Libyan banks and financial institutions and their international counterparts, as well as strengthening correspondent banking channels and international financial transactions. Furthermore, the exchange of expertise and experience in areas such as risk management, financial stability, compliance, and modern financial technologies was discussed to support the Libyan banking sector's integration with global financial institutions.
The Governor emphasized the CBL’s commitment to developing relationships with international financial and banking institutions and leveraging global expertise to support reform and development efforts. He noted that building a modern, efficient banking sector is a cornerstone for supporting economic and financial stability, improving the business environment, boosting confidence in the financial and banking system, and fostering economic and commercial activity in Libya.