Ten years after the revolution, eight heads of government took power; while since 2011; the governor of the Central Bank of Libya, Al-Siddiq Al-Kabir, remains at the head of the monetary authority for ten years now.
Days after the endorsement of the Government of National Unity; many voices are calling for the governor to be removed from his duties, as he was dismissed in 2014 by the House of Representatives. However, he continued to work at the head of the Central Bank, as a result of the political division at the time.
After the Government of National Unity has been approved by Parliament; lists were circulated, which the authorities did not confirm or deny, containing names of over 50 candidates for the position of governor.
Over the past years; the value of the dinar rolled against foreign currencies, and reached its worst levels in 2017, as the dollar recorded against the dinar in cash about ten dinars, while its value against the euro reached about 12 dinars due to bad monetary policy that resulted in a liquidity crisis that did not end, despite some reforms, that had no effect.
The governor’s policies, during the past years, recorded major differences with the former Minister of Economy and Finance Faraj Boumtari, and the Chairman of the National Oil Corporation, Mustafa Sanallah on resource management, as well as Fayez al-Sarraj, the Head of the Presidential Council, who left power a few days ago.
Al-Kabir has been kept in isolation from the economic situation in the country, according to the opinions of experts who follow the change of governors of banks in neighboring countries, whenever the value of their local currency shrinks and their economy deteriorates.