The presidential council of the national Accord Government organized a discussion on the economic and financial reform program , In the presence of The Central Bank of Libya , The Audit Bureau  as well as a number of Experts ,Business men , Media and different parties interested in attending the discussion . The discussion reviewed the most important components of the economic reform program ,which was prepared by a committee known by the name ” The Committee of Twenty ” that was formed by the presidential council resolution  No.(231) for year 2017. In addition , the discussion also included the economic and financial reform program prepared by the policy committee and a group of experts at the Central Bank of Libya that was prepared in cooperation with the deputy presidential council , Undersecretary of the ministry of economy and the Libyan oil company .   The Manager of the Research Department at the Central Bank of Libya presented a summary of the program , in which emphasized that  the general basics of the reform program come list under four main points :

1. Supporting the National Oil Company.
2. Correcting the Exchange rate and putting it at the equilibrium price .
3. Review the support policies and set up a support replacement program .
4. Review the trade policies and anti- smuggling program .

The participants agreed during the discussion on the need to confront the crisis and its repercussions in cooperation between all concerned parties , they all confirmed that the delay in dealing with the crisis , will exacerbate the crisis and will double or may triple the bill of the reform , besides the economic and financial reform should be processed gradually as it has became an urgent necessity has to be taken as a supreme interest of the state in its present and future , with emphasis on the need to decrease depletion of state resources and decrease the dramatic expansion of salaries , which consumes about 65% of the general budget , as well as the deficit in the balance of trade , they also stressed that the change in exchange rate policy individually and without accompanying procedures will negatively affect the economy ,that’s why the correct steps, should be comprehensively taken towards all real causes of the crisis and not Just take  temporary solutions.

The Central Bank of Libya received through its mail and through the media many observations on commodity and high prices as well as the increase in the US dollar exchange rate in the parallel market during the recent weeks , these observations were attributed to the discontinuation of the documentary credit system . The Central Bank of Libya assures in particular the following :

1. The suspension of documentary credits was based on the instructions of the head of the Audit Bureau and the Central Bank of Libya has no relation with this decision.
2. Receiving requests for opening documentary credits and giving approvals is not the jurisdiction of the Central Bank since June 2017 as the ministry of economy received the file of documentary credits .
3. we confirm that the resolution of stopping documentary credits is a direct reason for the commodity and high prices and the increase of the foreign exchange rate in the parallel market .

The Central Bank of Libya organized the first workshop concerning the program of economic and financial reform in Libya on Saturday the 11^th of November 2017 , at shehat hall in Corinthia hotel in Tripoli which was attended by members of the house of representatives and experts in economics , finance and strategic planning , beside the presence of a number of bankers , Business men and media. After the Governor welcomed the attendees , he informed the importance of the economic and financial reform program and which is an unavoidable necessity , assuring the role of the Central Bank through this reform program in the service of the national economy , he also praised the serious and sincere efforts of the participants in the preparation of the program and the discussion of it’s clauses and content. An integrated presentation was carried out by the program preparation team and was followed by a discussion which came up with many ideas and interpretations .In addition  all agreed on the need to work on the implementation of the program in a comprehensive and accurate way and that all state institutions  bear their responsibilities towards the homeland and the citizen , besides they assured working together to face the economic and financial crisis , handling  its repercussions and effects for the sake of the safety of Libya.    

Mr.Saddek Omar Elkaber , Governor of the Central Bank of Libya , met with the head and members of the health committee of the house of representatives , the head of the children’s hospital of Benghazi and the head of the medical supply system and some experts at his office in Tripoli. The meeting was attended by the chairman of the general health insurance fund , member of the Sub – committee of biddings in the eastern region and the general coordinator of the committee of the Libyan Oncology in Jordan. The obstacles facing the health sector in the eastern region and the possibility of finding solutions were discussed during the meeting . The Governor expressed his willingness to supply urgent needs .the discussion also included accelerating the transfers of foreign  medical personnel to hospitals and universities in the eastern region .

Governor of the Central Bank of Libya meets with the head and members of the association of the grain farmers in Fizan , who represent a number of the southern Libyan municipalities ,the meeting was attended by Mr.Alhadi Alsgher , member of parliament . This meeting was to thank the Central Bank of Libya for the support that was provided to grain cultivation in the southern Libyan region and which is one of Libya’s resources of wheat and barely. The Governor assured the support of the Central Bank of Libya for the sake of the success ,hopes and aspirations of the farmers of the south and help them develop their projects and raise the productive capacity of the association and the projects sponsored by them in order to activate the role of the private sector and create spatial development in the beloved south.    

Mr.Saddek Omar Elkaber , Governor of the Central Bank of Libya met with the Deputy Assistant of Minister of Foreign Affairs of The United States of America, they discussed during the meeting the situation in Libya and the banking and financial sector in particular.

The discussion also included the importance and necessity of developing a system to combat the crime of money laundering and terrorism financing in Libya and apply the international standards and requirements in this field urgently to avoid the inclusion of Libya in the international embargo list as Libya will subject to an international assessment of the anti money laundering and terrorist financing system to verify it’s commitment and appliance of the international standards and requirements in this regard , at the end of October 2017

Mr.Saddek Omar Elkaber , Governor of the Central Bank of Libya participated in the conference of “Combating Terrorism and Strengthen Relations with Correspondent Banks  ”  that was held at the Federal Reserve Bank of New York and was organized in cooperation between both , the Federal Reserve Bank of New York and The Arab Banks Union .

Mr.Saddek Omar Elkaber , Governor of the Central Bank of Libya meets with the executive director of the World Bank in the Middle East and North Africa , they discussed during the meeting the situation in Libya and the role of the World Bank in providing technical support and development .

Mr.Saddek Omar Elkaber , Governor of the Central Bank of Libya , held a meeting with the Executive Director of the IMF in the middle east and north Africa , during his visit to the united states of America for the annual meetings of the World Bank and International Monetary Fund and also discussed the financial and banking sector in Libya , besides the risks facing these sectors and ways to maintain the Libyan institutions and the importance of complying with the international regulations and requirements concerning combating the crime of money laundering and Terrorism Financing.

Mr.Saddek Omar Elkaber, Governor of the Central Bank of Libya , participated with the Governors of the Central Banks  in the annual meetings of the International Monetary Fund and World Bank for the year 2017 , which was held in the United States of America.

The Governor’s intervention during the annual meetings of the World Bank and the International Monetary Fund  

The electronic payment service via mobile phone is one of the leading national projects in Libya , which aims to achieve financial inclusion towards developing the electronic payment market through modern and advanced solutions for electronic payment .

The first phase of this project has been launched under the auspices and supervision of The Central Bank of Libya  in partnership with the mobile network service company , Al-Madar Al-Jadid .

The name of the service is (Sadad) it allows subscribes to pay daily payments and transfer money to facilitate the daily life of the Libyan citizen . for more information and registration , please visit the following site

https://sadad.almadar.ly