Today, on Wednesday, the second workshop on transitioning to the latest banking supervision standards and requirements concluded, organized by the Banking and Monetary Supervision Department of the Central Bank of Libya, with the presence of all risk management departments of commercial banks operating in Libya.

The head of the Audit Inspection Team at the Central Bank of Libya, Atef Al-Abar, talked to our source about the significance of the workshop’s proceedings. He emphasized its role in the development of the Libyan banking sector, the transition from traditional to risk-based supervision, and compliance with the Central Bank’s directives regarding Basel III instructions. He clarified that the application of these standards in commercial banks is not far off and will be phased in.

Anas Rishwan, the Director of the Basel Operations Unit in Banking Supervision at the Central Bank, in a statement to our source, discussed the management strategy for banking and monetary supervision regarding the transition to risk-based regulatory instructions. He mentioned its distinctiveness, as this is the second practical application for commercial banks and the selection of a sample to showcase its experience. He also touched upon compliance with banking instructions, adding that the Central Bank will issue instructions related to environmental and climate risks to educate banks about these risks.

Aboubakr Al-Amin, the Head of the Monitoring Department in the Banking Supervision at the Central Bank, told our source about the workshop’s goal to enhance a culture of risk cooperation within banks and to implement recommendations made in the previous workshop, achieving them at the banking sector level. He explained that this workshop will yield practical results in the upcoming phases and is related to governance concerning Islamic banks.