ALBAWABA – The monetary authority in Libya announced Sunday that the reunification of the Libyan central bank is complete, AlArabiya reported.
Governor of the Central Bank of Libya al-Siddiq Omar al-Kabir and Deputy Governor Mari Moftah announced that the central bank will now proceed as one “unified sovereign” institution.
The central bank split into two banks after the outbreak of the civil war in 2014, when Tripoli blocked the eastern branch from electronic money clearing operations.
According to AlArabiya, the block contributed to a major liquidity crisis with exchange rates diverging and people and companies resorting to liquid cash instead of depositing in banks.
However, reunification efforts started in 2020, as part of a post-ceasefire peace process.
The bank indicated in a statement that it will continue to make efforts to address the effects that resulted from the division of the bank between the east and west of the country.
