Banks in Libya announce the end of the liquidity crisis

Governor of the CBL met with several commercial bank directors and confirmed the ending of Libya's liquidity crisis

The directors all confirmed that their banks had sufficient funds in their coffers, thus bringing an end to the country’s liquidity issue.[Photo: CBL]
Libya’s commercial banks announced this week that they have adequate liquidity in their coffers, confirming that the country’s liquidity crisis has passed in most areas.

This came during a meeting between the governor of the Central Bank of Libya (CBL), Sadiq Al- Kabir, and the directors of commercial banks and a transaction company at the CBL’s Banking and Monetary Supervision Department.

The implementation of the pre-agreed plan with banks to address the liquidity issue was followed up on at the meeting, according to the Bank’s Information Office in a post on its official page.

The directors of the banks at the meeting announced that all of their branches were open to customers with sufficient liquidity in their accounts, indicating that the liquidity crisis had passed in most parts of the country.

The extent of progress in the implementation of e-payment services in all banks, as well as the modernization of banking systems, was also discussed at the meeting.

The Governor directed some commercial banks to rapidly close their closing budgets and clear the backlog during the meeting.

The Governor also put commercial banks under pressure to sped up inter-bank and foreign exchange clearing, particularly after the second round of commercial bank loans were approved.

Al-Kabir wrapped up the meeting by emphasizing the banking sector’s critical position in driving the economy and supporting the private sector in a shared vision with the Government of National Unity for the country’s next stage.

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