The Governor of the Central Bank of Libya, appointed by the House of Representatives, Ali Al-Hibri, said today, Wednesday, in the press conference of the Central Bank’s Board of Directors regarding the exchange rate adjustment, that the Central Bank is a semi-dead authority, 90% of which is stagnant and does not move despite fake appearances, and with this Central Bank is not fully operational and managed.

Al-Hibri explained that changing the exchange rate would motivate the government to rationalize spending, activate monetary policy, and search for economic reforms that benefit public finances, because the central bank alone, through the exchange rate, cannot lead the country’s economy, stressing that setting the exchange rate is the competence of the bank’s board of directors. The central bank, and the executive authority in the bank represented by the Governor Seddiq Al-Kabeer, must respect this decision and implement it, which is a fair economic decision.

Al-Hibri added that “everyone should work to activate the exchange rate in a fair manner, and resort to the judiciary which will be fair. Al-Kabeer bears full responsibility and all department managers in the Central Bank, and the unification of the management of the Central Bank is based on 3 necessary things, if agreed upon, the bank will be unified, which are the opening of the system, the clearing, and the freedom of the eastern region’s banks to move their balances.”

Al-Hibri also said: “We tried in the past to adjust the exchange rate and sent a note to Al-Kabeer. He replied to us on WhatsApp saying “We heard that you bought equipment to print the currency.” His message was as if it’s written by Adel Imam, and called for mockery, so I had to respond to him: “Instead of discussing printing the currency, let them discuss topics of interest to the citizens.”