Al-Kabir examines liquidity crisis and bank clearing with department directors

Governor of the CBL meets with department heads to discuss liquidity crisis and providing cash for citizens

The extended meeting was held at the CBL’s headquarters. [Photo: CBL]
The Governor of the Central Bank of Libya (CBL), Sadiq Al- Kabir held a meeting with a number of directors of the Bank’s departments to discuss and monitor the liquidity situation of commercial banks and the clearing of bank branches.

At the meeting, it was agreed that the second batch of loans to commercial banks in the amount of 5 billion dinars would be liquidated for use in supporting bank balances to conduct clearing operations for individuals, provide cash to citizens and finance foreign exchange operations.

In recent public remarks, the Governor of the CBL expressed a positive outlook on Libya’s economic future, stating that whoever makes the first move in Libya is the winner in terms of working in the oil-rich country, calling for foreign companies to pack their bags and come to Libya immediately.

According to the Kabir, Libya’s newly appointed Government of National Unity is different, saying, “The GNU invited us to help them think about the future, I haven’t seen anything like this in 10 years, so I am very optimistic and we must keep the economy at the helm and complete the outstanding projects.”

The senior noted that the collective sentiment was very positive, adding that the security situation is already better than it has been in years and that after several meetings with the new Minister of Economy and other high ranking officials in the GNU, they are ready to boost the economy, support the private sector and provide opportunities for foreign companies to return and reinvest in Libya.

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