Unifying the the CBL begins with supporting the Government of National Unity

Al-Kabir welcomes the International Audit on the work of the CBL and stresses that work to unify the CBL is dependent on supporting the Government of National Unity

The Governor of the CBL stated that the bank will follow the recommendations made in the report and intensify efforts to improve the economical situation in the country. [Photo: GNU]
Libya’s Presidential Council of the Government of National Unity (GNU) hosted a ceremony in Tripoli and Al-Bayda to commemorate the delivery of the International Audit Report on the work of the Central Bank.

The ceremony was attended by Jan Kubis, the head of the United Nations Support Mission in Libya (UNSMIL), GNU Prime Minister Abdul Hamid Dehbiba, and Sadiq al-Kabir, the Governor of the Central Bank of Libya.

In his address to the attendees, Al-Kabir welcomed the handover of the audit report and emphasized that the CBL is a sovereign institution that adheres to transparency, responsibility, and disclosure standards.

He went on to say, “The CBL has maintained its neutrality and professionalism in the face of critical political circumstances imposed by an institutional division in which the Central Bank has no stake.”

According to a statement issued by the CBL’s Media team, the Governor tasked a team of CBL specialists to work closely with the International Auditor and provide the necessary data and information in coordination with the Attorney General’s Office in order to complete the audit process.

According to the statement, the CBL has called for a review and examination of its work since April 2016 in order to unify the institution and end the divide, as well as the distortions and repercussions that it has caused.

The published financial audit review was initiated with the assistance of the United Nations Support Mission in Libya (“UNSMIL”) and completed by leading international consultancy Deloitte.

With the audit completed, the CBL is moving forward with its main goal of unifying the Central Bank by implementing the necessary, practical measures outlined in the audit report.

Despite extraordinary circumstances over the last seven years, the CBL has successfully maintained its network of foreign partnerships and intermediary relationships, liaised and coordinated with international institutions, and promoted transparency and disclosure, according to the statement.

It has also met international standards and requirements for anti-money laundering and counter-terrorism financing, which has resulted in Libya being removed from the Financial Action Task Force’s grey list (FATF).

It also emphasized that the CBL has ensured that the dinar’s value has been maintained when compared to currencies that are also experiencing economic hardships, thereby steering the country away from financial and economic collapse.

The CBL welcomed the receipt of the International Audit Report, will review its recommendations and will continue to work with UNSMIL to ensure that the work yields the greatest benefit. The CBL also applauds the increased efforts of all stakeholders toward Central Bank unification.

The reunification of the CBL will benefit every aspect of the Libyan economy, aid in the reconstruction of the country, and contribute to the improvement of citizens’ living conditions throughout Libya.

The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express.
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