Mohammed al-Menfi, the chairman of the Presidential Council, has reportedly held a closed-door meeting on Thursday with Saddek Elkaber, the governor of the Central Bank of Libya (CBL), in which they agreed to reopening the banking clearing next week.
Citing a source close the council, Libyan news website Alsaa’a 24 reported that the two agreed to “reopen the banking clearing between eastern and western region of the country next week, after completing the procedures related to unifying the banking system.”
According to Alsaa’a 24, nearly 10 billion Libyan Dinars ($2 billion) will be transferred to commercial banks in the eastern region and cash liquidity restrictions would be eased.
Al-Menfi and Elkaber have also reportedly discussed reducing the currency exchange rate to less than 4 Libyan Dinars, or 3.70 Libyan Dinars. They’ve also discussed “the need for rapid implementation of all previous agreements related to reforming the banking sector and its financial policies,” according to Alsaa’a 24.
The Libyan news website stated that the UN-sponsored financial audit review of CBL stipulated that if these economic measures were not implemented, those who fail to implement them would be subject to sanctions.