In the framework of the periodic meetings that are held by Mr. Saddek Omar Elkaber, Governor of the Central Bank of Libya, a meeting was held on Sunday morning the 17th of April 2016 at the Central Bank of Libya in Tripoli with officials of commercial banks. Attended was the Head Manager of Al Jumhouria Bank and the Directors of departments of the bank which discussed all subjects concerning banking activities including liquidity, activating the credit and points of sales (pos) for the use of local e-cards and other topics of interest concerning public affairs.
Governor of the Central Bank of Libya, Mr. Saddek Omar Elkaber, participated in the International Financial Group meeting that was held on Friday morning the 8th of April 2016 in the capital city of Rome, Italy. The discussions in the meeting focused on the issues concerning money laundering and the legal frameworks to combat them in coordination with the related parties.
Mr. Saddek Omar Elkaber, Governor of the Central Bank of Libya, held a meeting on Tuesday morning the 12th of April 2016 at the Central Bank of Libya in Tripoli with officials of commercial banks marketing the electronic payment cards, to follow the distribution and publication of service payments through (POS).
Discussions revolved around the need to reassure traders that the operations carried out by the POS are guaranteed payments by commercial banks and that any local Electronic payment cards issued by any bank operate on all points of sale.
The payment and reimbursement service via POS is done through local electronic payment cards issued by commercial banks through the network (NOMU), this service creates a new culture of cash dealings (Cash) using electronic transactions which are quick and safe.
Note: This service is available in the following commercial banks:
– Al Jumhoria Bank, under the name (BITAKIT SADEEK)
– North Africa Bank, under the name (BITAKIT NOMU)
– Wahda Bank , under the name (BITAKIT ALZAD)
– Al Sahari Bank, under the name (BITAKIT BADEEL)
Governor of the Central Bank of Libya, Mr. Saddek Omar Elkaber, held a meeting on Friday morning the 8th of April 2016 with Mr. Giuseppe Maresca, Director General of the Financial Crime Department, at the Italian Ministry of Economy and Finance in the presence of Mr. Meshly Rosy, consultant of the Maghreb Arabian Department.
They discussed views on the economic and financial conditions that Libya is going through, the Central Bank of Libya’s role during this period and Italy’s commitment to provide support to the national reconciliation government and its readiness for cooperation and assistance as it considers appropriate.
The meeting concluded with the understanding that the Central Bank of Libya and the Central Bank of Italy should cooperate and communicate further and also the importance of reopening the Italian Embassy as soon as possible.
Mr. Saddek Omar Elkaber, Governor of the Central Bank of Libya, held a meeting on Friday the 8th of April 2016 with Mr. Pier Carlo Padoan, Italian Minister of Economy and Finances in Rome, Italy.
The following topics were discussed during the meeting:
– The importance of relations between both countries and the readiness for cooperation, providing assistance, and advice.
– The importance of the Central Bank of Libya and its role in this difficult period.
– The reopening of the Italian embassy as soon as possible.
Mr. Saddek Omar Elkaber, Governor of the Central Bank of Libya, held a meeting on Thursday the 7th of April 2016 in Rome, with Mr. Vincenzo Amendola representative of the Italian ministry of foreign affairs. In the meeting, discussions revolved around economic and financial issues of common interest. Mr.Vincenzo Amendola confirmed that the Italian Prime Minister, the Italian government and parliament including the general Italian opinion wish for the citizens of Libya success in achieving their hopes concerning security, stability and development. Mr. Vincenzo Amendola gave assurances that Italy is ready for constructive cooperation and is ready in providing assistance and advice; emphasizing the Centrals Bank role during this difficult period. In addition he mentioned that Italy is looking forward to reopening its Embassy as soon as possible.
The meeting was attended by:
-Mr. Josbi Peroni: the plenipotentiary Minister and Director of the Middle East and Maghreb department.
-Mr. Giorgo Staris the Italian Plenipotentiary Minister for Libya.
-Mr. Francisco Santia: Consultant and Head of the Arab Maghreb Region
A meeting was held on Tuesday morning the 5th of April 2016 at the Supervision Department of the Central Bank of Libya to discuss the role of expediting opening documentary letters of credit for providing goods.
The meeting was attended by the L/C Coverage Committee of the Central Bank of Libya, commodity suppliers, and the Chamber of Commerce and Industry Union. The discussion raised issues that face the commodity suppliers and commercial banks. Also discussed were some of the requirements that should be provided according to Central’s Bank of Libya Circular No.2 for year 2016.
The meeting focused on the proposal by the Central Bank of Libya to resolve some of the difficulties for the following:
Resuming L/Cs under collection of some essential goods for some reputable companies so that the Chamber of Commerce and Industry Union cooperates with the various entities in the area to provide a list of the approved procurement companies through the L/Cs under collection in accordance with the rules and procedures established by the Central Bank of Libya.
Traders welcomed the actions and procedures and offered suggestions to the Central Bank of Libya especially on the subject of providing $3.150 Billion for importing basic goods during the next three months especially during the holy month of Ramadan.
The traders and suppliers confirmed this amount of money is needed to provide all the basic commodities for the Libyan market during the coming period.
Traders and suppliers action was agreed for the coming months, in respect of what was discussed concerning the documentary letters of credits and they requested the Central Bank of Libya to research the speeding up of proceedings at commercial banks.
On Monday the 4th of April 2016, the Governor of the Central Bank of Libya Mr Saddek Omar Alkaber met with the Head of the State Supreme Council Mr Abdulrahman Al Shater as he is the oldest member in the council and Dr Salah Akmakhzoum Head of the General National Congress team that signed the political agreement. This meeting discussed topics pertaining to public affairs to alleviate the suffering of the Libyan citizens, with special focus on security, liquidity and accelerating the rate of opening L/Cs for the provision of food and medicine. They also discussed the financial arrangements for the State Supreme Council according to the draft political agreement and UN Security Council Resolutions.
Mr. Faiez Mustafa El Serraj, President of the Presidential Council, and members of the Presidential Council met with Mr. Saddek Elkaber, Governor of the Central Bank of Libya, on Thursday 31st of March 2016 at the headquarters of the Presidential Council in Tripoli to discuss issues concerning public affairs.
Topics of discussion:
1- Managing the cash liquidity problem and opening documentary letters of credit for basic goods and medicine.
2- Providing security and safety for commercial banks and also restoring the value of the Libyan Dinar.
3- The immediate return of production and export of oil and gas.
4- Provide the basic needs to alleviate the suffering of the citizens.
The meeting also concluded the need to exert effort as quick as possible to achieve these goals in a coordinated effort and in mutual cooperation between the state’s organizations in order to achieve security and safety that provides the basic needs in this difficult phase of the history of Libya.
Within the framework of consultations, coordination and technical support that the international organizations provide for the Central Bank of Libya, Mr. Saddek ElkaberGovernor of the Central Bank of Libya had a meeting on Sunday 13th of March 2016 in Tunisia with the IMF. The meeting was also attended by the Economic Consultant for the Central Bank of Libya and the Director of Research and Statistics Department. Several issues related to the economic and financial situations in Libya were discussed during the meeting, beside the technical points of views concerning monetary policy that are possible to fix the current problems in order to achieve economic and financial stability in Libya.
Monday evening 15th of February 2016 was the final day of the workshop that was held at the Central Bank of Libya for the technical employees and bankers of the commercial banks for the Foreign Exchange Follow-up System training workshop.
The process of opening accounts for the new electronic system managers(the Foreign Exchange Follow-up system)for all commercial banks was completed during the workshop according to the procedures established by the Central Bank of Libya.
In addition, the process of linking the Foreign Exchange Follow Up System between the Central Bank of Libya and the National ID Number System was finished during the workshop.
On Sunday morning 14th of February 2016, the Foreign Exchange Follow-up system has been activated for seven commercial banks besides “Moamalat Company” for financial services according to the procedures established by the Central Bank of Libya . It was also agreed to train a group of employees from the commercial banks to use this system. The aim of this new system, which has been linked to the National ID number, is for tracking foreign exchange transactions on individuals, whether in the form of bank transfers (Money Gram – Western Union) or electronic cards. Also, the system has been setup with accessibility anywhere in Libya to serve the Libyan citizens regardless of their geographic location. This new electronic system will also help the Central Bank to stop any illegal usage of foreign exchange transactions.
In the framework of the periodic meetings that are held by Mr. Saddek Omar Elkaber, Governor of the Central Bank of Libya, a meeting was held on Sunday morning the 17th of April 2016 at the Central Bank of Libya in Tripoli with officials of commercial banks. Attended was the Head Manager of Al Jumhouria Bank and the Directors of departments of the bank which discussed all subjects concerning banking activities including liquidity, activating the credit and points of sales (pos) for the use of local e-cards and other topics of interest concerning public affairs.
Governor of the Central Bank of Libya, Mr. Saddek Omar Elkaber, participated in the International Financial Group meeting that was held on Friday morning the 8th of April 2016 in the capital city of Rome, Italy. The discussions in the meeting focused on the issues concerning money laundering and the legal frameworks to combat them in coordination with the related parties.
Mr. Saddek Omar Elkaber, Governor of the Central Bank of Libya, held a meeting on Tuesday morning the 12th of April 2016 at the Central Bank of Libya in Tripoli with officials of commercial banks marketing the electronic payment cards, to follow the distribution and publication of service payments through (POS).
Discussions revolved around the need to reassure traders that the operations carried out by the POS are guaranteed payments by commercial banks and that any local Electronic payment cards issued by any bank operate on all points of sale.
The payment and reimbursement service via POS is done through local electronic payment cards issued by commercial banks through the network (NOMU), this service creates a new culture of cash dealings (Cash) using electronic transactions which are quick and safe.
Note: This service is available in the following commercial banks:
– Al Jumhoria Bank, under the name (BITAKIT SADEEK)
– North Africa Bank, under the name (BITAKIT NOMU)
– Wahda Bank , under the name (BITAKIT ALZAD)
– Al Sahari Bank, under the name (BITAKIT BADEEL)
Governor of the Central Bank of Libya, Mr. Saddek Omar Elkaber, held a meeting on Friday morning the 8th of April 2016 with Mr. Giuseppe Maresca, Director General of the Financial Crime Department, at the Italian Ministry of Economy and Finance in the presence of Mr. Meshly Rosy, consultant of the Maghreb Arabian Department.
They discussed views on the economic and financial conditions that Libya is going through, the Central Bank of Libya’s role during this period and Italy’s commitment to provide support to the national reconciliation government and its readiness for cooperation and assistance as it considers appropriate.
The meeting concluded with the understanding that the Central Bank of Libya and the Central Bank of Italy should cooperate and communicate further and also the importance of reopening the Italian Embassy as soon as possible.
Mr. Saddek Omar Elkaber, Governor of the Central Bank of Libya, held a meeting on Friday the 8th of April 2016 with Mr. Pier Carlo Padoan, Italian Minister of Economy and Finances in Rome, Italy.
The following topics were discussed during the meeting:
– The importance of relations between both countries and the readiness for cooperation, providing assistance, and advice.
– The importance of the Central Bank of Libya and its role in this difficult period.
– The reopening of the Italian embassy as soon as possible.
Mr. Saddek Omar Elkaber, Governor of the Central Bank of Libya, held a meeting on Thursday the 7th of April 2016 in Rome, with Mr. Vincenzo Amendola representative of the Italian ministry of foreign affairs. In the meeting, discussions revolved around economic and financial issues of common interest. Mr.Vincenzo Amendola confirmed that the Italian Prime Minister, the Italian government and parliament including the general Italian opinion wish for the citizens of Libya success in achieving their hopes concerning security, stability and development. Mr. Vincenzo Amendola gave assurances that Italy is ready for constructive cooperation and is ready in providing assistance and advice; emphasizing the Centrals Bank role during this difficult period. In addition he mentioned that Italy is looking forward to reopening its Embassy as soon as possible.
The meeting was attended by:
-Mr. Josbi Peroni: the plenipotentiary Minister and Director of the Middle East and Maghreb department.
-Mr. Giorgo Staris the Italian Plenipotentiary Minister for Libya.
-Mr. Francisco Santia: Consultant and Head of the Arab Maghreb Region
On Monday the 4th of April 2016, the Governor of the Central Bank of Libya Mr Saddek Omar Alkaber met with the Head of the State Supreme Council Mr Abdulrahman Al Shater as he is the oldest member in the council and Dr Salah Akmakhzoum Head of the General National Congress team that signed the political agreement. This meeting discussed topics pertaining to public affairs to alleviate the suffering of the Libyan citizens, with special focus on security, liquidity and accelerating the rate of opening L/Cs for the provision of food and medicine. They also discussed the financial arrangements for the State Supreme Council according to the draft political agreement and UN Security Council Resolutions.
Mr. Faiez Mustafa El Serraj, President of the Presidential Council, and members of the Presidential Council met with Mr. Saddek Elkaber, Governor of the Central Bank of Libya, on Thursday 31st of March 2016 at the headquarters of the Presidential Council in Tripoli to discuss issues concerning public affairs.
Topics of discussion:
1- Managing the cash liquidity problem and opening documentary letters of credit for basic goods and medicine.
2- Providing security and safety for commercial banks and also restoring the value of the Libyan Dinar.
3- The immediate return of production and export of oil and gas.
4- Provide the basic needs to alleviate the suffering of the citizens.
The meeting also concluded the need to exert effort as quick as possible to achieve these goals in a coordinated effort and in mutual cooperation between the state’s organizations in order to achieve security and safety that provides the basic needs in this difficult phase of the history of Libya.
Within the framework of consultations, coordination and technical support that the international organizations provide for the Central Bank of Libya, Mr. Saddek ElkaberGovernor of the Central Bank of Libya had a meeting on Sunday 13th of March 2016 in Tunisia with the IMF. The meeting was also attended by the Economic Consultant for the Central Bank of Libya and the Director of Research and Statistics Department. Several issues related to the economic and financial situations in Libya were discussed during the meeting, beside the technical points of views concerning monetary policy that are possible to fix the current problems in order to achieve economic and financial stability in Libya.
Monday evening 15th of February 2016 was the final day of the workshop that was held at the Central Bank of Libya for the technical employees and bankers of the commercial banks for the Foreign Exchange Follow-up System training workshop.
The process of opening accounts for the new electronic system managers(the Foreign Exchange Follow-up system)for all commercial banks was completed during the workshop according to the procedures established by the Central Bank of Libya.
In addition, the process of linking the Foreign Exchange Follow Up System between the Central Bank of Libya and the National ID Number System was finished during the workshop.
On Sunday morning 14th of February 2016, the Foreign Exchange Follow-up system has been activated for seven commercial banks besides “Moamalat Company” for financial services according to the procedures established by the Central Bank of Libya . It was also agreed to train a group of employees from the commercial banks to use this system. The aim of this new system, which has been linked to the National ID number, is for tracking foreign exchange transactions on individuals, whether in the form of bank transfers (Money Gram – Western Union) or electronic cards. Also, the system has been setup with accessibility anywhere in Libya to serve the Libyan citizens regardless of their geographic location. This new electronic system will also help the Central Bank to stop any illegal usage of foreign exchange transactions.