The Central Bank of Libya (CBL) continues its second day of Article IV consultations for 2024 with the International Monetary Fund (IMF) team in Tunis, the capital of Tunisia.
According to the bank’s media office, the discussions focused on the CBL’s efforts to maintain financial sustainability despite significant challenges.
Additionally, the discussions covered the central bank’s efforts to enhance the infrastructure for effective banking supervision, as well as the status of the balance of payments and foreign exchange reserves, and an assessment of the banking sector’s condition.
The consultations also emphasized practical aspects of combating money laundering and terrorist financing, along with plans to expand into areas of financial technology and innovation.
The CBL initiated the 2024 Article IV consultations with the IMF, which are scheduled to continue over ten days.
Last February, the Governor of the CBL, Siddiq Al-Kabir, addressed a letter to Prime Minister Abdul Hamid Dbeibah, referring to the financial situation, exchange rates, and salary increases.
Al-Kabir’s letter to Dbeibah highlighted several points related to the financial situation, exchange rates, and salary increases, according to the bank’s data.
Given the Central Bank of Libya’s role as the economic advisor to the state as per existing legislation, Al-Kabir emphasized the importance of bringing these matters to Dbeibah’s attention:
Agreement on the right of Libyans to live a dignified life and receive salaries that ensure a decent living, which can only be achieved through proper financial resource management, ensuring the sustainability of such a dignified life.
