Central Bank of Libya

The Central Bank of Libya (CBL) is the monetary authority in Libya. It has the status of an autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya and to promote the sustained growth of the economy in accordance with the general economic policy of the state.

The headquarters of the Central Bank are in Tripoli. However, to make the CBL services more accessible to commercial banks, branches and public departments located far from the headquarters. The CBL has three branches, located in Benghazi, Sabha and Sirte.

History The CBL was founded in 1955 under Act no. 30 (1955) started its operations on 1 April 1956 under the name of National Bank of Libya,Bank of Libya, Economic Bulletin-Statistical Supplement, Economic Research Division of Bank of Libya, July 1967. to replace the Libyan Currency Commission which was established by the United Nations and other supervising countries in 1951 to ensure the well-being of the weak and poor Libyan economy.

The bank was established in the former Savings Bank building (), designed in 1921 by Armando Brasini and completed in the early 1930s.

The Bank's name was changed to Bank of Libya under Act no. 4 (1963), then to its current name Central Bank of Libya after the 1969 coup d'état.

In March 2011, the governor of CBL, Farhat Bengdara, resigned and defected to the rebelling side of the Libyan Civil War, having first arranged for the bulk of external Libyan assets to be frozen and unavailable to the Gaddafi government.FT interview dated 17 May 2011 here

On 6 December 2021, Tripoli-based Governor of the CBL Sadiq al-Kabir met with Bayda-based CBL governor, Ali Al-Hibri, who before the split had been Elkaber's Deputy Governor, in Tunisia and agreed to start unification of the CBL. On 20 January 2022, Elkaber and Al-Hibri signed an agreement on a four-stage unification plan, with the appointment of Deloitte to oversee the process. On 20 August 2023, the bank officially announced the completion of its reunification under Elkaber and his deputy in the east, Maree Raheel.

On 30 August 2024, the Tripoli-based Government of National Unity sent armed militants to remove CBL governor Sadiq al-Kabir from his office, accusing him of "mishandling oil revenues". Sadiq al-Kabir said that he had been forced to flee Libya to escape threats from armed militants, and called Abdul Hamid Dbeibah's attempt to replace him illegal, as it breached United Nations negotiated accords regarding control over the bank. In response, the Benghazi-based Government of National Stability closed down all oil fields, facilities, and terminals in protest.

Governors This is a list of governors of the Central Bank of Libya since its establishment.Inauguration of Mohammed al-Shukri as CBL's governor (Arabic).Mohammed Al-Shukri returns to CBL as governor (Arabic). The Bank saw its administration split twice, first during the first civil war, (February–August 2011), then from September 2014 on, as a result of the second civil war.

Name tenure start tenure end NotesAli Aneizi26 April 195526 March 1961Khalil Bennani27 March 19611 September 1969Kassem Sherlala20 September 196917 January 1981Rajab El Misallati18 January 19813 March 1986Muhammad az-Zaruq Rajab4 January 19876 October 1990Abd-al-Hafid Mahmud al-Zulaytini7 October 199013 February 1996Taher Al-Jehaimi14 February 199622 March 2001Ahmed Menesi23 March 20015 March 2006Farhat Bengdara6 March 20066 March 2011Abd-al-Hafid Mahmud al-Zulaytini6 March 20112 April 2011actingMuhammad az-Zaruq Rajab2 April 2011August 2011Ahmed S. El SharifFebruary 2011April 2011for the NTC (in Benghazi)Kassem AzzuzApril 201112 October 2011for the NTC (in Benghazi to Aug. 2011)Sadiq al-Kabir12 October 201118 August 2024for the GNC, later PC since Sep. 2014Mohamed Shukri18 August 202426 August 2024appointed by the PCAbdel Fattah Ghafar26 August 20243 October 2024appointed by the PC as acting governorNaji Mohamed Issa Belqasem3 October 2024Incumbent

Central Bank of Libya

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