Speaking yesterday at the opening of the ‘‘Banking Investment and its Role in Promoting Economic Development’’ conference, organized by the Central Bank of Libya (CBL), CBL Governor Naji Issa said the CBL today faces big challenges in the general Libyan environment.
He said the banking sector must regain its real developmental role, stressing that sustainable development cannot be achieved without integrated legislative, regulatory and financial reform, and a partnership between banks and public and private economic institutions.
Governor Issa said ‘‘the situation is not ideal to create a (reform) vision as political division imposes a reality on us (the CBL).’’
‘‘The country needs US$ 3 billion, but revenues do not exceed US$ 1.5 billion per month. How will we deal with this situation, especially since we also have requests from the private sector, merchants, and other institutions?
“Today we are working with two governments, not dealing with the reality on the ground. The Ministry of Economy is divided, as is the Ministry of Finance and other institutions. The Central Bank does not have magic solutions in light of this division. It must operate within a unified state to implement its initiatives.”
One year since CBL achieved a unified board – with much promise, but little delivery
It must be noted that it is one year since the CBL finally achieved a unified Board of Directors with Governor Issa promising to implement reforms to fix and activate the ailing economy, including activating the role of banks in providing finance for businesses, strengthening the Libyan dinar and ending the cash crisis. Sadly, none of the above have been fully resolved while Libyan citizens continue to face price inflation and declining purchasing power.
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At banking conference: Aldabaiba announces five main points to rebuild the economy
