The Central Bank of Libya (CBL) announced on Tuesday the completion of merging its Research and Statistics Department with the Financial Information Unit, part of efforts to consolidate operations split during the country’s conflict.
In a meeting Sunday at the CBL’s Tripoli headquarters, directors from Benghazi joined Tripoli counterparts to finalize the unification, according to a CBL statement on Facebook.
The bank stated the merger falls under a 2024 roadmap to reunify functions divided between western and eastern Libya. It previously combined the Banking Supervision and Currency Departments.
Oil Exports Boost Libya’s 2023 Revenues, But Spending Soars
Boosted by resurgent oil exports, Libya’s 2023 public revenues topped 125.9 billion dinars, according to CBL figures released Sunday.
But heavy public sector spending, including salaries, subsidies, and social benefits, drove total outlays up to 122.7 billion dinars last year.