The Central Bank of Libya has called on commercial banks and licensed exchange companies, totaling 278 institutions, to attend a meeting with the Governor next Thursday. This is part of the bank’s plan to regulate the work of exchange offices and enhance their role in supporting the national economy.
The bank clarified that the meeting comes within ongoing efforts to legalize exchange activity and ensure its compliance with legal and regulatory standards, contributing to the stability of the monetary market and limiting illegal speculation. The meeting also aims to discuss mechanisms to support these institutions in performing their role in providing liquidity and facilitating financial transactions for citizens and companies.
Central Bank of Libya
The Central Bank of Libya is the primary monetary authority of Libya, established in 1956 to issue currency and manage the country’s financial reserves. It has played a critical and often contentious role throughout Libya’s modern history, including during the Gaddafi era and the subsequent civil conflicts, where control of the bank and its assets became a major point of political and military contention.
Libya
Libya is a North African country with a rich history that includes ancient Phoenician and Greek settlements, most notably at Cyrene, and later Roman rule. It was part of the Ottoman Empire before Italian colonization in the early 20th century, gaining independence as a kingdom in 1951. The nation’s modern history was dominated by Muammar Gaddafi’s lengthy rule from 1969 until the 2011 revolution and subsequent period of instability.
