On Monday, 22nd of July, 2024, a meeting was held at the Arab Banking Corporation (Bank ABC) in London. In attendance of H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, and Mr. Maree Al-Barasi, Deputy Governor, along with members of the Steering Committee for the Financial Inclusion and Digital Transformation Strategy project, Moamalat Company’s Board of Directors, representatives from the Arab Banking Corporation (Bank ABC), and the Arab Financial Services Company (AFS).
The meeting discussed the Central Bank of Libya’s strategy for financial inclusion to accelerate electronic payments, which is being developed in partnership with the global firm (Oliver Wyman). Eight initiatives were approved, including developing financial services for all segments of society through financial technology and digital transformation, instant payments, open banking, developing the national switch, and establishing regulatory controls for this field according to the best practices.
During the meeting, the Governor emphasized the importance of these initiatives in enhancing financial inclusion and facilitating access to financial services, which contributes to overcoming liquidity issues and achieving economic stability and comprehensive development in Libya.

On Wednesday, 10th of July 2024, H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, held a video meeting with the ambassadors of European Union countries in Libya (Sweden, Austria, Belgium, Germany, Denmark, Spain, France, Greece, Ireland, Italy, Malta, the Netherlands, and Hungary). This meeting is a part of the regular briefings on the latest developments in the economic and financial situation, the adoption of a unified public budget, and updates on the unification of the CBL. The discussion involved means to support Libyan institutions in maintaining financial and monetary sustainability and stability. The meeting highlights the role of the European Union countries in supporting reconstruction projects and economic development across various sectors, besides building the human and institutional capabilities of the CBL and other state institutions.

H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, met with Mr. Ramadan Abu Janah, Deputy Prime Minister and Acting Minister of Health on Tuesday, 10th of July, 2024. The meeting addressed several health sector-related topics, including the latest developments in the project to localize cancer treatment within the country and improvements to the services of Kidney Dialysis Centres. Additionally, the meeting discussed coordinating efforts to implement the terms of the public tender to ensure the provision and distribution of medications according to actual needs.

The Central Bank of Libya’s strategy for financial inclusion, which is being prepared in partnership with the global firm (Oliver Wyman), aims to facilitate access to financial services for all segments of society through financial technology and digital transformation. The strategy also reviews the challenges the banking sector encounters in digital transformation, besides the methods and plans to address them. The Key topics of the meeting included discussions between H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, and Mr. Maree Al-Barasi, Deputy Governor, with members of the steering committee for the Financial Inclusion Strategy Project and the CBL’s relevant departments, along with representatives from Arab Banking Corporation on Tuesday, 9th of July, 2024.

H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, met with Mr. Khalid Shakshak, the Head of the Libyan Audit Bureau on Wednesday, 10th of July, 2024, to discuss several financial and economic topics.

H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, and Mr. Maree Al-Barasi, Deputy Governor, along with their accompanying team, engaged in a meeting with Mr. Neil Esho (Secretary General of the Basel Committee), Mr. Toshio Tsuiki (Deputy Secretary General of the Basel Committee), and Mr. Noel Reynolds (Head of Basel III Implementation), during the meeting, the CBL team informed Basel Committee on the steps taken to unify the central bank, the role of Banking and monetary Supervision Department in implementing the standards and requirements issued by the Basel III. Other topics were discussed during the meeting including governance in the banking sector, database development, launching reporting platforms, and final accounts of commercial banks. On the 28th of June 2024, at the BIS’s headquarter in Basel, Switzerland.

The Basel Committee members expressed their appreciation for the efforts made by the CBL and their commitment to supporting the bank’s initiatives.

The Center for the Study of African Economies at the University of Oxford, United Kingdom, has invited twenty central bank governors from African countries to participate in a discussion about the African economy and its future prospects. The meeting covered the role of Special Drawing Rights (SDRs) in the new global financial structure, besides the outlook for digital currencies issued by central banks. The event also included programs and initiatives aimed at enhancing the capabilities of African central banks’ staff, through contributions from Oxford University professors, and international economic and financial experts.

The annual meetings of Bank for International Settlements (BIS) concluded in Basel, Switzerland, on Sunday, 30th of June, 2024. The meetings were attended by H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, along with a number of governors from global central banks, including the Governor of the Federal Reserve of US, and the central bank governors from the UK, Italy, France, Spain, the European Union, Turkey, Canada, Japan, South Africa, Malaysia, and several Arab countries such as Saudi Arabia, Kuwait, Qatar, Oman, and Mauritania.
These meetings provided an opportunity for dialogue and exchange of views on the most pressing challenges facing the global economy, particularly concerning inflation, global commodity supplies, and their impact on global growth rates. Additionally, the role of Artificial Intelligence (AI) and its future effects on all economic and social levels were discussed. It is noteworthy that several Arab countries contribute to the bank, including Kuwait, Algeria, Saudi Arabia, Morocco, and the United Arab Emirates.
The BIS’s annual meetings are among the most important global economic forums where significant economic papers are presented by various central bank governors and economic experts.

The discussion covered the cooperation of the Central Bank of Libya with the BIS and an overview of the procedures for unifying the CBL. The efforts made by the CBL to comply with AML/CTF measures were also discussed, on Thursday, 27th of June, 2024, involving H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, Mr. Maree Al-Barasi, the Deputy Governor, and their accompanying team, along with Mr. Agustín Carstens, the Executive Director of the BIS, and relevant department heads.

At the end of the meeting, the Executive Director expressed his satisfaction and welcomed the developments and efforts made by the CBL to maintain the financial sustainability of the Libyan state. He also appreciated the positive steps taken to unify the central bank and ensure stability in the financial and banking sector. As a result, he announced the activation of CBL’s cooperation with the BIS, allowing the bank to benefit from the services and technical support provided to central banks. He concluded his remarks by expressing gratitude to Mr. ElKaber, and the accompanying team, for accepting the invitation and attending the BIS’s annual meetings held in Basel, Switzerland from June 28 to 30.

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The unification of the Central Bank of Libya, developments in banking services, asset and reserve management, and the enhancement of investment tools and areas, in addition to the role of the CBL in maintaining the financial sustainability of the Libyan state, were the main topics discussed during the meeting between H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, and Mr. Maree Al-Barasi, the Deputy Governor and their accompanied team, the meeting also included representatives from various departments of the BIS at its headquarter in Basel, Switzerland, on Thursday, 27th of June, 2024.
It is noteworthy that the BIS is considered the bank of central banks and was founded in 1930, with participation from more than 67 countries

H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, met with Mr. Tamer El-Hefny, Chargé d’Affaires of the Arab Republic of Egypt to Libya, on Monday,24th of June 2024. The meeting covered several issues, including efforts to approve a unified budget for the year 2024, the role of the Central Bank of Libya in maintaining the country’s financial sustainability and rationalizing public spending. They also discussed supporting the Central Bank’s efforts in transparency and disclosure, the latest developments in the project to unify the central bank. Additionally, they addressed the role of Egyptian companies in the reconstruction of Derna City and its surrounding areas.

As part of the Central Bank of Libya’s efforts to enhance the role of the private sector and activate institutions supporting micro, small, and medium-sized enterprises, H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, met with Dr. Heba Ahmed, the CEO of the Islamic Solidarity Fund at the Islamic Development Bank,along with the accompanying delegation, on Tuesday 4th of June 2024. This meeting is a continuation of a series of joint meetings, discussions, and studies conducted between the Central Bank of Libya and the technical and advisory team from the Islamic Development Bank and Libyan institutions involved in supporting projects, with the aim of taking practical steps to establish the solidarity endowment fund.