The Central Bank of Libya announces reunification and splits Tripoli for nearly a decade | Arab News | International Community | National Army | Split
Tripoli, Libyan capital: The Central Bank of Libya issued a statement on August 20th local time, announcing that the central bank of Libya has achieved true unity and become a "unified sovereign institution", and stated that it will continue to solve the problems caused by previous divisions.
Previously, the Libyan central bank had been divided for nearly a decade. The Western Central Bank located in the capital city of Tripoli has been recognized by the international community and controls Libya's oil revenue; The Eastern Central Bank, located in the eastern city of Beida, has not been recognized by the international community and is known as a "parallel central bank".
The BBC reported that the split of the Libyan central bank has made it difficult for Libya to formulate a coherent monetary policy, and has led to a significant depreciation of the Libyan dinar, the legal tender of Libya.
According to the Libyan news agency, the Libyan Presidential Council welcomes the unification of the central bank and further urges the management of the Libyan central bank to work at the same pace to address the impact of the previous split.
According to the Saudi Arabian News, 19 months ago, the Libyan central bank initiated the unification process and entrusted the accounting firm Deloitte to oversee this process.
After the overthrow of the Gaddafi regime in 2011, Libya fell into turmoil. Afterwards, the National Assembly formed an alliance with the "National Army" and formed a standoff between the two major forces in Libya, the East and the West, with the National Unity Government recognized by the United Nations.