Central Bank of Libya Holds 1st Complete Board Meeting after Ousting of Former Governor

‎The Central Bank of Libya (CBL) announced that it had held its first board meeting today of the newly appointed board which included all the new six members – headed by the Governor and his Deputy.

The CBL reported that the meeting discussed/approved several points, most notably:

 - The exchange rate policy,
 - Effective supervisory methods
 - Activating the role of the Monetary Policy Committee
 - Approval of the draft certificates of deposit of absolute speculation in accordance with Islamic banking
 - Granting of the final approval to foreign exchange companies and bureaux that obtained the initial approval, provided that their conditions are in accordance with the general rules governing their work.‎

The CBL post its August 2024 crisis and the El-Kaber era
It will be recalled that the ousted Governor, Saddek El-Kaber, had run the CBL unilaterally without the board ever meeting throughout his tenure since the 2011 Libyan ‘’17 February Revolution’’ that ended the Qaddafi regime. Taking advantage of Libya’s east-west political split, El-Kaber resisted attempts to replace him until he was forcibly removed in August 2024.

The CBL Crisis
It will be recalled that the CBL Crisis was precipitated when the Presidency of the House of Representatives (and not the HoR in session) confirmed the previously sacked Saddek El-Kaber as the Governor of the Central Bank of Libya (CBL) on 16 August.

In response, the Presidential Council announced on 18 August that it had taken a unanimous decision to elect a new Governor of the CBL and form a new Board of Directors within ‎the House of Representatives Resolution No. 3/2018. This is the 2018 HoR law which had removed El-Kaber as CBL Governor – but the eastern based HoR was never able to enforce this in Tripoli.

The appointment of a new CBL Governor was rejected by both Libya’s recognised legislative bodies, the HoR and High State Council (HSC).

The appointment of a new CBL Governor by the Presidency Council, a non-legislative body, had sent the Libyan diner into a nosedive on the black-market.

On 26 September UNSMIL announced that the House of Representatives and the High State Council had agreed on the consensual appointment of a Central Bank of Libya (CBL) Governor, his Deputy and the Board of Directors.