Central Bank branches clearly at odds ahead of scheduled meeting

A debate is taking place these days between the two branches of the Central Bank of Libya in Tripoli and Benghazi over the calls for a meeting of the Board of Directors, as the features of fragmentation became clear this time after the convergence of views last December,.

This debate came after a give-and-take between the governor Al-Siddiq Al-Kabir and his deputyand Ali Al-Habri, regarding the call for a meeting.

The Central Bank of Libya in Tripoli,  through the secretary, Fathi Agoub, called on members of the administration in Benghazi to hold a unified meeting via the internet at the start of June, to discuss what will be mentioned in the technical committee’s report on some issues.

A few days before that, Al-Habri invited the Board of Directors to convene, before it was postponed at the request of the technical committee in order to be able to carry out its duties, in a step described by observers as an attempt to impose opinion and reiterate position by the two branches of the Central Bank of Libya.

It had been reported that the two centers of Benghazi at the time that the board of directors would discuss five main points, namely, the possibility of opening clearing between banks, lifting commercial restrictions for small traders, achieving justice, equality and equal opportunities among commercial banks in selling currency, in addition to discussing the cancellation of the decision to form the temporary management committee of the bank.

The Libyan Foreign Ministry called for holding the general assembly of the bank, discussing developments in the exchange rate in light of political changes and the report of the technical committee.

In a previous interview conducted by 218News with Al-Habri last December, the deputy governor said that the current exchange rate is not “balanced.” Therefore, he said change had become inevitable, indicating that the management of the exchange rate in the next stage will witness a major change, and that the Central Bank needs 18 months until the exchange rate stabilizes along with the economy within a year and a half – the middle of next year.

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