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.

Central Bank of Libya
مصرف ليبيا المركزي

CBL Logo
CBL HQ
HeadquartersAl Fatah Street, Tripoli
Established1956
Ownership100% state ownership[1]
GovernorMohammed Al-Shukri for HR
Sadiq al-Kabir for PC
Central bank of Libya
CurrencyLibyan dinar
LYD (ISO 4217)
Reserves71 010 million USD[1]
Preceded byLibyan Currency Committee
Websitecbl.gov.ly Tripoli
centralbankoflibya.org Al-Bayda

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.

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.[2]

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,[3] to replace the Libyan Currency committee 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.[4] The primary aims of the Libyan Currency committee were to assist Libya in creating a unified currency in all three provinces.

The Bank's name was changed to Bank of Libya under Act no. 4 (1963),[3] then to its current name Central Bank of Libya after the 1969 coup d'état.

Governing structures

The governing structures of the Bank are:

  1. The Governor.
  2. The Deputy Governor.
  3. The Governing Council.

Management of the general affairs of the Bank within the policies of the country is entrusted to a board of directors consisting of the governor as chairman, deputy governor as vice-chairman, and six other members, who usually represent other financial and economic interests.

The tasks of the governor include:

  • Direct the Bank and preside over the governing council and executive commission.
  • Take primary responsibility for the Bank fulfilling its responsibilities and for doing so in a lawful manner.
  • The governor has ultimate authority over bank contracts and other legal documents.
  • The Bank's representation before tribunals of justice.
  • The representation of the Bank in all its relations with other parties.

Governors

This is list a governors of The Central Bank of Libya since its establishment.[4][5][6][7] |29 يناير 2018[8][9] The Bank endured twice an administration split, first during the first civil war, (February–August 2011), then from September 2014 on, as a result of the ongoing civil war.

Name tenure start tenure end Notes
Ali Aneizi 26 April 1955 26 March 1961
Khalil Bennani 27 March 1961 1 September 1969
Kassem Sherlala 20 September 1969 17 January 1981
Rajab El Msallati 18 January 1981 3 March 1986
Muhammad az-Zaruq Rajab 4 January 1987 6 October 1990
Abd-al-Hafid Mahmud al-Zulaytini 7 October 1990 13 February 1996
Taher Al-Jehaimi 14 February 1996 22 March 2001
Ahmed Menesi 23 March 2001 5 March 2006
Farhat Bengdara 6 March 2006 6 March 2011
Abd-al-Hafid Mahmud al-Zulaytini 6 March 2011 2 April 2011 acting
Muhammad az-Zaruq Rajab 2 April 2011 August 2011
Ahmed S. El Sharif February 2011 April 2011 for NTC (in Benghazi)
Kassem Azzuz April 2011 12 October 2011 for NTC (in Benghazi to Aug. 2011)
Sadiq al-Kabir 12 October 2011 for GNC, later PC since Sep. 2014

Functions

The functions of the CBL have grown since its establishment, and now include the following :

  • Issuing and regulating banknotes and coins in Libya.
  • Maintaining and stabilizing the Libyan currency internally and locally.
  • Maintaining and managing the official reserves of gold and foreign exchange.
  • Regulating the quantity, quality and cost of credit to meet the requirements of economic growth and monetary stability.
  • Taking appropriate measures to deal with foreign or local economic and financial problems.
  • Acting as a banker to the commercial banks.
  • Supervising Commercial banks to ensure the soundness of their Financial position and protection of the rights of depositors and shareholders.
  • Acting as a banker and fiscal agent to the state and public entities.
  • Advising the state on the formulation and implementation of financial and economic policy.
  • Supervising foreign exchange.
  • Carrying out any other functions or transactions normally performed by central banks, as well as any tasks charged to it under the Law of banking and currency and credit or any international convention to which the state is a party.
  • Managing and issuing all state loans.

See also

References
  1. https://d-nb.info/1138787981/34
  2. FT interview dated 17 May 2011 here
  3. Bank of Libya, Economic Bulletin-Statistical Supplement, Economic Research Division of Bank of Libya, July 1967.
  4. "Central Bank of Libya" (in Arabic). 2015. Retrieved 23 June 2016.
  5. "Appointing a New Governor of CBL" (in Arabic). 4 April 2011. Retrieved 23 June 2016.
  6. "Dismissing G. of CBL" (in Arabic). 14 September 2014. Retrieved 23 June 2016.
  7. "NTC dismisses G. Of CBL" (in Arabic). 12 October 2011. Retrieved 23 June 2016.
  8. Inauguration of Mohammed al-Shukri as CBL's governor (Arabic).
  9. Mohammed Al-Shukri returns to CBL as governor (Arabic).
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