H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, held a meeting on Wednesday, 6th of March,2024,in attandance of Mr.Mare Al-Barasi, Deputy Governor. The meeting included discussions with the Chairman and members of the Financial Committee of the House of Representatives, besides some advisors from the Central Bank of Libya.the meeting addressed several topics, including unified Budget Law for 2024 and reviewing the stages of preparing the unified budget law for 2024.
and the Exchange Rate in the Parallel Market.
The discussion also covered the increase in exchange rates in the parallel market and the smuggling of food items and other goods to neighboring countries. Furthermore they explored ways to rationalize spending and mitigate the impact of untraceable currency on national security.
Additionally the Foreign Currency Usage considered various commercial and personal uses of foreign currency, including its application in the public sector proposed Exchange Rate Fee the Central Bank of Libya proposed imposing a fee on exchange rates to regulate the parallel market, and they reached an agreement on the proposed measures.

H.E Mr. Saddek Omar Elkaber, Governor of the Central Bank of Libya, chaired this morning, Friday, February, 16th, 2024, the first meeting of the year 2024 with the USAID in Tunisia, in the presence of the Deputy Governor, Mr. Mare Moftah Salim, Mr. John Cardenas, Director of the USAID, the concerned departments’ directors of the Central Bank of Libya, and experts from the agency and the company implementing the project “Pragma”, to find out the latest developments in the Staff Capacity Building Project in cooperation with the USAID, which was launched at the end of 2021, and to review what has been accomplished in the main projects, the most important of which are the Balance of Payments, Banking Supervision, Anti-Money Laundering, Reserves Management, Risk Management, Human Resources Development, and setting priorities for the next stage.

H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, received Mr. Mustafa Maharaj, the French Ambassador to the State of Libya, in Monday February 5th, 2024 in attendance of Ms. Marie Faverley, the political advisor at the embassy.
The meeting touched on several topics, the role of the Central Bank of Libya in the reconstruction of Derna and the affected areas, the possibility of benefiting from the expertise of the World Bank and the latest developments regarding the unification of the Central Bank and discussing ways of cooperation with the Central Bank of France in the field of combating money laundering and financing of terrorism and other topics of common interests.

According to the strategy of the Central Bank of Libya to automate the banking sector, and with reference to the package of transformation projects set by the CBL in particular. The Central Bank of Libya is pleased to announce launching of “foreign currency reservation platform for individuals” in Wednesday, January 24th, 2024 .

H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, Mr. Khaled Ahmed Shakshak, Head of the Libyan Audit Bureau, and Mr. Farhat Omar Bengdara, Chairman of the Board of Directors of the National Oil Corporation (NOC), held an expanded meeting at the Central Bank of Libya, Wednesday, January, 31st 2024, in the presence of Mr. Mare Moftah Salim, the Deputy Governor, the Director General of the Libyan Foreign Bank, advisors and experts. A presentation about increasing oil production projects was delivered during the meeting; including the financial allocations required for those projects, the fuel payment mechanism, and the existing challenges.

At the end of the meeting, the attendees affirmed their support for the efforts of the NOC and encouraged it to raise production rates and set a clear mechanism for financing the development projects presented, in addition to proposing solutions to address the fuel supply mechanism. The attendees also stressed raising the rates of disclosure and transparency and strengthening the review and audit process carried out by the Audit Bureau and the relevant regulatory authorities. The meeting also addressed the water crisis in The city of Zliten and supporting the government’s efforts and the NOC’s contribution to addressing this crisis.

H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, and Mr. Mare Moftah Salim, Deputy Governor, held an expanded meeting with a number of department directors and advisors at the Central Bank, Tuesday, January, 29th 2024, to discuss the sale of foreign exchange to commercial banks and citizens, where the attendees agreed to lunch the foreign currency sales system for commercial and personal purposes, starting next Sunday, February, 2nd 2024, when banks will begin receiving requests to open LCs, and requests to reserve personal items of individuals. Note that the registration system for personal purposes will be accessible Thursday evening, February 1st 2024, enabling users to register and match data.

H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, launched the “Digital Innovation and Financial Services Transformation Symposium” Monday, January 29th, 2024, which is organized by the Central Bank in cooperation with the Arab Banking Corporation (ABC).
During his speech, the Governor stressed that the establishment of the Financial Technology and Innovation Unit in the Central Bank of Libya aims to achieve rapid and sustainable development of the banking sector, and stressed that this unit aims to be a leader in the field of improving customer service, accelerating electronic payment processes and digital transformation, and promoting innovation in banking services. The Governor pointed out that this symposium represents an opportunity for private sector companies to benefit from the Financial Technology and Innovation Unit, as it will provide solutions that better meet customer needs.
As a last remark, the Governor stressed that the Central Bank of Libya supports the electronic Know Your Customer (eKYC) initiatives, Instant Payment, and the Open Banking initiative by establishing a financial technology laboratory (Sandbox) that aims to bring about change by experimenting with technologies, modern, advanced and innovative ideas.

H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, met in his office this morning, Sunday, January, 28th, 2024, with Mr. Farhat Bengdara, Chairman of the Board of Directors of the National Oil Corporation.

During the meeting, support of the National Oil Corporation was assured to raise oil and gas production according to the plans prepared by the Corporation and to increase coordination regarding transparency and disclosure.

H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, met in his office on Thursday, January 25th, 2024, with H.E Dr. Mohammad Al- Manfi, Chairman of the Presidential Council, and Mr. Abdulhamid Al-Dabaiba, the Prime Minister of the Government of National Unity, in the presence of the designated Minister of Finance, the Minister of State for Cabinet Affairs, and the Director of the Banking and Monetary Supervision Department.

The meeting discussed the status of public revenues and spending for 2023, the role of the Finance Committee in preparing estimates of revenues and public spending for 2024, the measures that can be taken to rationalize consumer spending and scrutinize the fuel subsidies’ bills supplied for private use, and the General Electricity Company’s consumption of fuel, the meeting also discussed the foreign exchange situation during 2023 and the reasons behind rising foreign exchange demand by almost $5 billion, along with the measures required to be taken to control border crossings to limit the smuggling of goods, taking into consideration that the existing credits and their goods on the way with a value of $4 billion, about 20 billion LYD.

H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, met with Mr. Charles C.Saliba, Malta’s Ambassador to Libya in January 25th, 2024, who stressed the desire of Maltese companies to return to resume their activities in Libya to participate in various projects, and the readiness of banks in Malta to deal with Libyan banks The meeting also touched on the latest developments in the process of unifying the Central Bank of Libya.

H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, met with Mr. Richard Norland, the Ambassador of American Special Envoy to Libya, Mr. Joshua Harris, Deputy Assistant Secretary of State of the United States, and Mr. Jeremy Berndt, Chargé d’Affairs at the American Embassy in January 25th, 2024 the meeting discussed several topics, most notably the process of unifying the Central Bank and the efforts made with the Parliament’s Finance Committee and the rest of the state institutions to prepare a unified budget law for the year 2024, and the continuation of transparency, disclosure and rationalization efforts, beside the role of the Central Bank in reconstructing the city of Derna and the affected areas in cooperation with relevant parties.

H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya met with Dr. Shihab Cavuoglu, Chairman of the Turkish Financial and Banking Supervision and Regulatory Authority in Istanbul, to address the file of existing letters of guarantee in favor of Libyan agencies implementing development projects with Turkish companies and to increase coordination and cooperation between the two parties.