The United Nations Support Mission in Libya (UNSMIL) has welcomed the appointment of the Central Bank of Libya’s (CBL) Board of Directors through Decree number 17 for 2024, issued by the Presidency of the House of Representatives.
“This marks a significant step in fulfilling the UNSMIL-facilitated CBL agreement signed on 26 September. The Board of Directors is essential for ensuring that the CBL operates with independence, integrity, transparency, and accountability while effectively managing Libya’s monetary policy and contributing to the country’s economic stability,” according to UNSMIL.
UNSMIL encouraged the new leadership to continue making tangible progress towards CBL reunification and implement further measures to enhance its good governance, including the avoidance of conflict of interests.
The Mission further encouraged the CBL to adopt sound policies to ensure financial and economic stability in Libya, drawing from the recommendations from the UNSMIL-facilitated international financial review of the CBL and the International Monetary Fund Article IV consultation process.
“The CBL should be shielded from political interference to maintain its credibility within the international financial system and to effectively fulfill its essential role in the Libyan economy,” said UNSMIL.