H.E. Naji Mohammed Issa, Governor of the Central Bank of Libya, and his accompanying delegation met on Tuesday, October 13, 2026, with an official delegation from the US Federal Reserve on the sidelines of the IMF and World Bank Annual Meetings held in Bangkok, Thailand.

The meeting reviewed recent economic and financial developments in Libya, the exceptional challenges currently facing the CBL, and ongoing efforts to preserve monetary and financial stability. Discussions also focused on ways to enhance cooperation and coordination with US financial institutions, alongside taking necessary measures to bolster the reputation of the Libyan banking sector and reinforce confidence in its dealings with international financial and banking institutions.

Furthermore, the session examined the outcomes of joint work between K2 Integrity and the CBL team aimed at strengthening due diligence and auditing procedures for financial transactions, monitoring suspicious transactions linked to documentary letter of credit requests, and exploring the expansion of the audit and review team’s scope in collaboration with relevant local and international stakeholders. These steps aim to elevate transparency and compliance standards while curbing illicit practices that have impacted the integrity of financial transactions in past years.

The two sides discussed challenges related to cross-border goods smuggling and circumvention of trade and banking procedures, as well as their negative repercussions on the national economy and the foreign exchange market. They also reviewed measures taken by the CBL to upgrade its anti-money laundering and counter-terrorist financing (AML/CFT) frameworks and enhance supervisory and compliance mechanisms in line with international standards and best practices.

For its part, the US Federal Reserve delegation commended the ongoing efforts of the CBL, praising its success in resuming foreign currency supply operations to Libya after years of suspension. This milestone reflects a notable improvement in the efficiency of the banking system and its capability to execute large-scale financial and logistical operations.

The delegation also emphasized the importance of continued cooperation to support the CBL in fulfilling its mandates and achieving its reform objectives, particularly regarding governance, transparency, and addressing deficiencies and malpractices accumulated within the financial system over recent years. Such efforts will safeguard the safety of the Libyan banking sector and promote its reintegration into the global financial system.

This meeting forms part of the CBL’s broader strategy to expand its relationships with international monetary and financial institutions, foster confidence in Libya’s banking sector, and advance essential reforms to protect the state’s financial and monetary stability.