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Strategic Plan

Following the issuance of Law No. (1) for the year 2005 on banking institutions.The Central Bank of Libya (CBL) and in cooperation with some specialized institutions prepared a strategic plan to develop and reform the banking sector. In the course of a complicated worldwide economic environment, sustaining macroeconomic stability is becoming a matter of high necessity and which the CBL will encounter in the medium and long-run.
At the same time, the recent financial crisis triggered the formulation of new dogmatic mechanisms to achieve financial stability on a global basis. Such developments require further improvement and modernization of a number of functions of the CBL. In the new global and regional conditions the CBL is expected to provide enhanced support to the sustainable development of the domestic economy. Consequently, it is important for the CBL to continue modernization of the institutional management and development of its human capital. Addressing these challenges has become institutional priority of the CBL for the next strategic period. As dictated by the new priorities for the next strategic period the CBL will put in order its activities in the following guidelines:

  • Modernize and develop the primary functions in accordance with the international standards;

  • Establish a corporate governance system in line with the best practices.
  • Build a modern and competent human capital.
  • Provide active support to any economic development strategy for the government.
After realizing the weaknesses and gaps in the existing organizational structure, the Central Bank of Libya, in cooperation with experts from the International Monetary Fund, drafted a new organizational structure. The draft merges all the divisions of the same functionality in one sector, better defines the areas of work and comply with internal control standards. The Central Bank of Libya adoption of the new organizational structure to achieve strategic objectives at the sector level is as follows: Senior Management (Board of Directors of the CBL, the Governor and his Deputy):