Abdulhadi Al-Saghir, the representative of the Libyan Parliament in the negotiations of the Central Bank, has announced the approval of the Central Bank’s board of directors. Al-Saghir revealed that the board members include Fakher Bufernah, Sam Al-Saadi, Fawzi Boukzam, Reda Gergab, Ali Omran, and Amer Karkar.
Libyan Parliament member Abdulmonem Al-Arfi discussed attempts by Ziad Dghim, an advisor to the President of the Presidential Council, to influence the selection of certain individuals to the Central Bank’s board. This followed a UN-mediated agreement to resolve disputes over the bank’s management by appointing a new governor and board.
Libya has two competing governments: the Government of National Unity led by Abdul Hamid Dbeibah, and another administration authorized by the Parliament overseeing the eastern and some southern regions, headed by Osama Hamad. The interim Central Bank board appointed by the Presidential Council includes individuals close to all major political powers, including the Parliament and the Libyan National Army.
The Libyan Central Bank has been in the midst of a crisis, primarily due to disagreements over leadership and the management of the country’s finances. Recently, there has been a significant development as the UN Security Council welcomed an agreement aimed at resolving this crisis. This agreement, endorsed by Libya’s House of Representatives and High State Council, includes the appointment of a new board of directors for the Central Bank .
The crisis had heightened tensions within Libya, involving key political figures and factions disputing the control of the Central Bank, which is a crucial institution for the country’s economic stability and governance. The appointment of a new governor and board was seen as essential to regain international confidence and stabilize the economy.
This internal conflict has had broader implications, affecting Libya’s oil production and financial stability, further emphasizing the need for a resolved and functional Central Bank to oversee the nation’s wealth effectively. The ongoing situation reflects the broader struggle for power and control in Libya, which has been exacerbated by external influences and the strategic significance of the country’s oil reserves.
