CBL strengthens ties with World Bank

The World Bank has announced that the Central Bank of Libya (CBL) has joined its Reserve Advisory and Management Programme (RAMP), which is managed by the Bank’s Treasury Department.

The programme provides advisory and training services to central banks and public institutions to support effective management of foreign reserves.

According to the Central Bank of Libya, the cooperation aims to enhance its capacity in managing and investing foreign currency reserves through technical training, advisory support, and the exchange of expertise with international financial institutions.

Jorge Familiar, Director of the World Bank Treasury, stated that the programme is intended to promote best practices in sovereign asset management and public investment, contributing to improved financial performance and governance.

Recent figures from the Central Bank show that Libya’s foreign currency reserves amount to 98.8 billion US dollars, including 18.164 billion dollars in gold, which represents 18.38% of total reserve coverage. The Bank also reported an increase of 2 billion dollars in investment returns as of 30 September.