Terms of Libyan-Turkish banking agreement disclosed
Photo Credit To Libya 218 TV

Terms of Libyan-Turkish banking agreement disclosed

Turkey has activated banking memorandum of understanding signed between the Central Bank of the Republic of Turkey (TCMB) and the Central Bank of Libya (CBL) last August, press sources revealed.

The terms of the memorandum showed a partnership between the two Banks in the field of training Libyan banking cadres, raising institutional performance, and developing banking and electronic payment systems, in addition to exchanging information between the two sides regarding money laundering crimes and financing terrorist activities.

The memorandum did not specify fees or financial compensation for these services.

It is worth noting that CBL Governor, Siddiq al-Kabir, had signed with his Turkish counterpart, Murat Ozil, last August, a memorandum of understanding, which raised the fears of observers of the penetration of Turkish influence within the Libyan banking system, which is witnessing an institutional divide in light of a stormy economic crisis that the Turkish economy is going through, whose national currency has plunged by more than 25% against the US dollar.