The Second Deputy Speaker of the House of Representatives, Misbah Douma, explained that the decision to appoint the Central Bank of Libya’s Board of Directors will have a positive impact on the country’s economic situation. He emphasized that this is the result of collective work recommended by the Exchange Rate Study Committee, which involved many officials and economic experts.
Douma added, “We are awaiting the formation of a new government to oversee the general elections that Libyans aspire to.”
The Central Bank of Libya welcomed the decision issued by the Presidency of the Libyan House of Representatives in 2024 regarding the appointment of the members of the Central Bank’s board of directors. With this national milestone, the board looks forward to carrying out its duties as mandated by Law No. (1) of 2005 on banks and its amendments.
The Central Bank also stressed the importance of implementing necessary structural reforms for the recovery of monetary policy, in line with the aspirations of the Libyan people.
The Speaker of the House of Representatives, Aguila Saleh, issued a decision on Sunday to adjust the fee imposed on the official exchange rate for foreign currencies, reducing it to 20% from 27% for all purposes. The decision also allows for further reductions depending on the state’s revenue conditions.
The second article of the decision states that the revenue generated from the tax fee will be used to cover developmental project expenses if necessary, or it may be added to the resources allocated by the Central Bank of Libya to repay public debt, in accordance with the House’s 2023 law, while considering the exemptions granted by the Speaker.
Council member Abdullah Al-Lafi expressed his support in a post for the approval of the appointment of the Governor and Deputy, commending the step taken by the House of Representatives and the State Council. He noted that this move reflects a sincere desire to unify state institutions in order to achieve the economic stability the country seeks. Al-Lafi looks forward to their success in fulfilling their duties and assured them of support in facing any challenges that may arise.
He emphasized the need to complete the remaining agreed-upon items, particularly regarding the expedited reopening of oil fields.
The Speaker of the House of Representatives, Aguila Saleh, held a meeting today with the Governor of the Central Bank of Libya, Naji Issa, and the Deputy Governor, Marei Al-Barassi, following their oath of office before the House of Representatives.
The discussion focused on developing banking services and electronic payment systems, as well as laws related to the banking sector.
For his part, Aguila Saleh stressed the need for the Central Bank to continue preserving reserves and ensuring the financial sustainability of the state, highlighting the importance of continuous communication with the leadership of the House of Representatives.
The Second Deputy Speaker of the House of Representatives, Misbah Duma, expressed his welcome for the Libyan agreement signed in principle between representatives of the House of Representatives and the High Council of State regarding the governor of the Central Bank of Libya and his deputy in a tweet from his official account on X.
Duma confirmed that this agreement will be presented at the next session of the House of Representatives for approval, aiming to resolve this crisis that has threatened the livelihood of Libyans.
During a meeting with the Secretary-General of the Arab League, Ahmed Abu Al-Gheit, at the Libyan Permanent Mission in New York City, the President of the Presidential Council, Mohamed Al-Menfi, discussed the revival and activation of the tripartite meeting between the House of Representatives, the High Council of State, and the Presidential Council.
The meeting addressed the developments in the political and economic situations in Libya, the advancement of the political process, and the unification of positions to support the Palestinian cause.
The Director of the Libya Reconstruction Fund, Belqacem Haftar, confirmed in media statements that 10 billion dinars were allocated by the House of Representatives for the reconstruction of Libya. He explained that this amount is insufficient to rebuild the country due to years of neglect, and the nation suffers from deteriorating healthcare and educational facilities.
Haftar clarified that the fund has worked on the renovation of Benghazi University, which had been destroyed for years, as well as the restoration of hospitals in Benghazi and other Libyan cities, focusing on the healthcare sector. They have also fully repaired electricity stations. He highlighted the significance of the Sebha conference, especially regarding the deliberate neglect of the southern region by successive governments for years.
He added that, for the first time in Libya, reconciliation was achieved between the residents of Tebu and Murzuq, who had been in conflict for five years, and the city had been entirely displaced. All destroyed homes were repaired.
Haftar emphasized complete transparency, with full oversight by the Audit Bureau, ensuring that all contracts are legally followed and everything is publicly disclosed.
He concluded by stating that there are no deals with Russia or China.
The United Nations Mission expressed regret in its statement regarding the consultations on the Central Bank, noting that the representatives of the House of Representatives and the High Council of State have not yet reached a final agreement. The Mission welcomes the principles, standards, and timelines that should govern the transitional period leading to the appointment of a new governor and board of the Central Bank.
The Mission urged the parties to prioritize the supreme interest of Libya and remove the Central Bank from political conflicts, reiterating that unilateral decisions taken by various parties across the country could undermine trust among political and security actors and entrench institutional divisions.
The Mission added that meaningful and inclusive dialogue remains the only way to achieve consensus among Libyans, break the cycle of transitional phases, and bring Libya to sustainable peace and stability.
The Speaker of the House of Representatives, Aguila Saleh, discussed with the Under-Secretary-General of the United Nations, Rosemary DiCarlo, and Deputy Stephanie Khoury, ways to resolve the crisis of the Central Bank of Libya based on the provisions of the political agreement and the Bouznika Agreement regarding sovereign positions, ensuring the avoidance of further crisis and mitigating its negative impact on the national economy and Libya’s financial situation.
Aguila Saleh emphasized that the root of this crisis lies in the Presidential Council exceeding its defined tasks and duties outlined in the political agreement and overstepping the jurisdictions of the House of Representatives and the State Council. He reiterated that the Presidential Council bears full responsibility for the breach of the Central Bank and tampering with its contents, most recently in one of its key financial and information management departments.
For her part, the UN envoy stressed the necessity of resuming the political process immediately after resolving the Central Bank crisis, to form a unified government, end the political and institutional division, and work on organizing concurrent presidential and parliamentary elections. She also praised the achievements in reconstruction, development, and national reconciliation in southern Libya.
