Libya rival factions agree on new central bank governor amid ongoing tensions
Police officers stand guard outside Libya's Central Bank headquarters in Tripoli on August 27, 2024. - The United States gave its backing on August 27 to UN efforts to resolve differences between Libya's rival administrations over the mangement of the central bank without cutting off vital oil income. (Photo by AFP)
Libya’s rival factions have reached a consensus agreement to appoint a new central bank governor after the former chief, Sadiq al-Kabir, left the country under pressure from militias.
The dispute between Libya’s western and eastern governments escalated last month, leading to the suspension of central bank activities, jeopardizing the country’s monetary regulation.
Representatives from the House of Representatives in Benghazi and the High State Council in Tripoli signed a joint statement after two days of talks hosted by the U.N. Support Mission in Libya, according to Reuters.
The central bank is the sole repository for oil sales in the war-torn nation, where rival governments in the east and west vie for control of key institutions.
The standoff began when the Tripoli-based Presidency Council attempted to replace al-Kabir with a rival board, prompting eastern factions to halt all oil production in protest. The dispute risked ending four years of relative stability in the country.
