Dbeibah and central bank governor agree on closer financial coordination

Prime Minister Abdul Hamid Dbeibah and Central Bank of Libya Governor Naji Issa have agreed to strengthen coordination between the government and the Central Bank on letters of credit and to adopt a joint strategy that prioritises financing for industrial and productive projects.

The agreement came during a meeting on Tuesday at the Central Bank’s headquarters in Tripoli, attended by senior government and banking officials. Discussions centred on public sector salaries, industrial financing, and foreign currency regulation, with both sides stressing the need to align financial policy with national economic priorities.

Dbeibah highlighted the launch of the “Your Instant Salary” programme, developed in cooperation between the Central Bank and the Ministry of Finance. He said the platform is designed to accelerate salary disbursement, improve transparency, and reduce corruption in the public payroll system.

Governor Issa reported that more than two million employees have been enrolled in the programme, with around 1.1 million fully verified so far. He confirmed that the Central Bank is pressing ahead with the verification process to ensure the integrity of payroll data.

On foreign currency regulation, Dbeibah called for stronger joint oversight of letters of credit to ensure imports reflect market needs, limit unnecessary demand, and help maintain financial stability.

Both leaders underscored the importance of redirecting credit away from consumer-focused lending toward industrial and productive sectors. They agreed that greater involvement from commercial banks and sovereign funds will be essential to creating jobs and supporting sustainable economic growth.

Issa also pointed to rapid progress in electronic payments, revealing that transactions worth more than 140 billion dinars were carried out in just the first seven months of this year. He said the expansion shows growing public trust in digital systems and supports government efforts to reduce reliance on cash.

The meeting reflects an effort by Libya’s political and financial authorities to better coordinate policies at a time when the economy continues to face challenges from heavy import dependence, rising consumer demand, and the need to stimulate productive investment.