CBL governor says that reunification process begins this month

Libya’s two parallel central bank branches will formally begin the process of reunification this month, although progress will depend on the outcome of upcoming presidential elections, central bank governor said.

The Central Bank of Libya Governor Sadiq al-Kabir said on a recent trip to London that despite the uncertainty he hoped reunification, or at least the “first phase” of it, would happen by July.

The central bank has been divided between western and eastern branches since 2014 after a parallel administration emerged in the east when the country split.

The governor and his deputy based in the east met in the Tunisian capital last week to agree a detailed plan for reunification.

Governor Kabir said the next step was for the terms of reference, which are being drawn up by consultancy Deloitte, to be sent round within 10 days for signing, launching the formal reunification process.

“It’s a very positive step that will help the country going forward,” he said. “It’s not an easy process, its very complex. It of course depends on the politician situation, and that going very smoothly.”