Institutional division still hangs over most of the state institutions in Libya, despite all previous agreements and understandings to re-merge these institutions under one administration.
The Central Bank of Libya did not escape these divisions. In 2014, a parallel bank was formed in the city of Al-Bayda headed by Ali Al-Hibri, and with the launch of the Libyan dialogue rounds after Haftar’s defeat and the failure of his aggression against the capital, the UN mission sponsored, the rounds of meetings of the economic track in the dialogue, to unify financial and economic institutions, on top of which is the Central Bank.
After six years of institutional division in the Central Bank, a meeting was held on Monday for the two central administrations in Tripoli, and the parallel in Al-Bayda, through the Visual Link Department, which was started on December 6, by the technical committee emanating from the two banks, which includes in its membership legal and financial members of the bank’s branches, to discuss the exchange rate.
This meeting comes at a time when Libyans are suffering from a bad living situation after freezing oil revenues in the accounts of the foreign bank, which resulted in an increase in the exchange rate of the dollar in the parallel market to the barrier of seven dinars to the dollar.
The Central Administration said in a unified statement that the meeting discussed activating the Board’s work in a way that achieves the bank’s specific objectives, which are stabilizing the general level of prices and supporting the soundness of the banking system, through monetary policy actions, and adjusting the exchange rate in a manner that achieves the long-term sustainability of financial and monetary safety With directing the financial policy towards undertaking the important reforms that accompany this important event, according to the statement.
Immediately after announcing the central bank’s statement, the dollar’s exchange rate fell to the level of 6 dinars, amid expectations of further decline with the continuing work of unifying the bank’s management in both parts of the country.
This step came after many years of tug of war and mutual accusations of depleting the country’s balance of hard currency. The governor of Al-Bayda Central bank, Ali Al-Hibri, contracted outside the legal framework to print 15 billion dinars in Russia, the last of which printing 4 billion dinars at the beginning of this year, according to the reports issued by the United Nations on Libya.
And in November of last year, the Maltese government, with US support, confiscated $ 1.1 billion of the Libyan currency printed by the Russian company, Goznac.
This meeting also came days after the freezing of oil revenues, and the controversy that took place between the head of the National Oil Corporation, Mustafa Sanallah, and the governor of the Central Bank, Siddiq al-Kabeer.
In which he was accused of wasting billions of dollars of Libyan money and spending it on “dinosaurs, fat cats and monsters,” as he put it.
“Where did the 186 billion oil revenues go in recent years that were brought to the Central Bank?” He asked, in a video tape that the Foundation broadcast on its official page.
Will this meeting be the first base of the reunification of the bank’s management after years of division and intransigence that have caused the depletion of Libyans ’money and restricted their livelihood?