CBL Governor’s Press Release Offers No New Solutions
A long-awaited press release issued on 23 April by Sadiq al-Kabir, the Governor of the Central Bank of Libya (CBL), failed to provide any new solutions to Libya’s current economic crisis, despite the press release being 8 pages long. Kabir steadfastly refuses to devalue the Libyan dinar – in total opposition to what the Government of National Accord under the leadership of Fayez al-Serraj wants. Kabir insists on a prerequisite package of measures being taken by the weak executive.
Kabir explained that, “The cessation of the natural and positive role of the banking system in the general economy and the decline in credit, financing and investment – are due to the political division, lawlessness, chaos of legislation, the continuation of the closure of Civil Registration Authority.”He added, “The CBL has submitted files to the Attorney General related to money smuggling of more than LD 4 billion Libyan dinars…that has led to the spread of the black market – negatively impacted the value of the dinar.”“Foreign currency can not be sold in cash as its supply to Libya has been suspended since December 2013 after the robbery of a shipment to the CBL Sirte branch.”, Kaber repeated.However, Kaber repeated his long standing and oft-repeated solutions. “The solutions are still possible and need to a strong desire; the end of political division, formation of a united executive and political power, unity of divided institutions, security and activation of judicial authority, an end of armed conflicts, and increase of production and oil and gas exports to their level in 2010.”
Click here to read the Libya Herald report on the press release.