H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, along with Mr. Khalid Ahmed Shakshak the President of Libyan Audit Bureau, Mr. Ali Al-Abid Al-Rida, the Minister of Labor and Rehabilitation, and Mr. Maree Al-Barasi, the Deputy Governor of the Central Bank of Libya, participated today,on Friday,10th of May, 2024, concluding the 2024 consultations Article IV with (IMF) in Tunisia. During the ten-day meetings, various topics related to the economic and financial assessment of the country, financial and trade policies, and ways to collaborate with all state institutions and international partners were discussed. The goal was to enhance economic, monetary, financial, and trade policies. The IMF mission emphasized the need for the Central Bank to diversify income sources, control and rationalize public spending, address fuel subsidies, and urgently implement reforms in public finances. The (IMF) also commended the Central Bank of Libya for its supervisory measures, governance framework development, enhancement of electronic payment systems, and commitment to financial sustainability despite internal and external fluctuations and risks.

Central Bank of Libya (CBL) published today, May 7^th, 2024, the Revenue and Expenditure Statement.

The statement covers the period from 1^st Jan to 30^th April 2024, and provides the details of all sectors.

For more details, please visit our official website: click here

In the case of any questions, please don’t hesitate to contact our communication unit at: [email protected]

H.E Mr. Saddek Omar ElKaber the Governor of the Central Bank of Libya, met with the general managers of commercial banks and the company handling transactions for the national switch on Monday, 6th of May, 2024 . The meeting was attended by several relevant departments from the bank. During the meeting, a team from the central bank was formed to expand the use of electronic payment methods and focus on several key areas. These include increasing the number of cards issued to banking sector customers, updating the technology used, increasing the number of Point of Sale (POS) terminals, and encouraging foreign currency-receiving suppliers to adopt electronic payment methods. Additionally, all local electronic payment networks will be connected to the national switch , including mobile phone-based payment networks. An agreement was also reached to hold a meeting with commercial banks next Monday to follow up on the measures taken before Eid al-Adha.

Continuing consultations Article IV 2024 for the third day between the Central Bank of Libya(CBL) and the International Monetary Fund (IMF) expert mission , where the focus was on development in the banking sector, banking services, and the extent of banks’ response to the instructions and directives of the Central Bank. In addition to examining the digital transformation and expansion plans for 2024, by listening to the presentations presented by the General Manager of the National Commercial Bank and the General Manager of Al-Nuran Bank.

Continuing consultations Article IV for the second day on 2nd of May, 2024, in Tunisia between the Central Bank of Libya(CBL) and the mission of experts from the International Monetary Fund (IMF). The discussions have covered the Central Bank’s efforts to maintain financial sustainability for the country despite challenges, besides its endeavors to enhance the infrastructure for effective banking supervision. Other topics include the balance of payments position, foreign exchange reserves, assessment of the banking sector, and a focus on operational aspects related to combating money laundering, terrorist financing, and plans for expansion in financial technology and innovation.

H.E Mr. Saddek Omar ElKaber the Governor of the Central Bank of Libya, signed a memorandum of understanding in Saudi arabia on Monday, 29th,of April 2024. The memorandum aims to establish the National Fund for Economic Empowerment, which is designed to support and finance micro, small, and medium-sized projects in Libya. This initiative represents the Central Bank of Libya’s contribution to activating the role of the private sector, in collaboration with Mr. Mohammed Al-Jasser, the President of the Islamic Development Bank (IsDB), and in the presence of several ministers from the Government of National Unity and various local and international institutions. The signing took place during the third day of the annual meeting of the Islamic Development Bank Group, commemorating the bank’s fifty-year anniversary.

H.E Mr. Saddek Omar ElKaber the Governor of the Central Bank of Libya met with His Excellency President Recep Tayyip Erdoğan at the Presidential Palace in Istanbul, Turkey, Saturday, 27th of April , 2024. The meeting aimed to discuss the economic, financial, and political situations in Libya, besides the challenges faced by the(CBL) in carrying out its duties amidst government divisions. Additionally, they explored opportunities to enhance cooperation in the banking sector.

H.E Mr. Saddek Omar ElKaber the Governor of the Central Bank of Libya,visited the Arab Banking Corporation in New York (Bank ABC New York) on Monday, 22th of April , 2024 concluding the meetings with American and international banks and financial institutions on the sidelines of the spring meetings of (IMF) and World Bank.

H.E Mr. Saddek Omar ElKaber the Governor of the Central Bank of Libya, met with high-level team from BNY Mellon in New York on Monday, 22th of April , 2024,the meeting included establishing cooperative relationships, leveraging the bank’s expertise in technology and cybersecurity, the Central Bank of Libya’s efforts in capacity building, and updating compliance policies and regulations to combat money laundering and terrorist financing.

H.E Mr. Saddek Omar ElKaber the Governor of the Central Bank of Libya, discusses the goals and purposes of the African Export-Import Bank (Afreximbank) with Mr. Benedict Oramah, President of Afreximbank in USA Washington on Friday, 19th of April , 2024 .As part of the Central Bank of Libya’s vision to expand its engagement with African financial institutions, given its membership in the Association of African Central Banks (AACB) , the discussion includes Afreximbank’s role in promoting and supporting exports of manufactured goods among African countries, launching a payment and financial settlement system between African nations, completing Libya’s membership in the bank, and exploring investment opportunities and areas of mutual cooperation.

H.E Mr. Saddek Omar ElKaber the Governor of the Central Bank of Libya, met with Mr. Jihad Azour, Director of the Middle East and Central Asia Department After the successful consultations of Article IV in 2023 at (IMF) USA Washington on Saturday, 21th of April ,2024, in attandance of Mr. Bahador Bijani, Executive Director of the IMF Group Office, and a team of IMF experts. They discussed the preparation for the second consecutive year of Article IV consultations between the IMF team and the Central Bank of Libya and relevant state institutions, beginning in May 2024. The discussions cover the latest developments in the unification process, financial and economic conditions in Libya, the Central Bank’s measures to ensure fiscal sustainability and exchange rate stability, and efforts to enhance transparency and disclosure.

H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, participated in the eighty-fourth meeting of the Financial Committee of the International Monetary Fund (IMF) Board of Governors. The meeting was held at the IMF in USA Washington, on Friday,19th of April, 2024. The meeting was attended by Ms. Kristalina Georgieva, the Managing Director of the IMF discussions during the meeting covered global economic and financial conditions in light of ongoing conflicts and wars in Gaza and Ukraine, in addition of disruptions in maritime transport supply Central banks’ policies and measures to mitigate the impact of these situations on their respective economies were also reviewed, along with lessons learned from these experiences.