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Tag: libya

Al-Kabeer: “Over 30 Global Banks Suspend Transactions, Blocking Access to Our Funds and Deposits Abroad”

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The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, said today, Thursday, to Reuters that the Central Bank has remained isolated from the international financial system for weeks, leading to a reduction in oil production.

Al-Kabeer added that foreign banks do not deal with the Central Bank’s Board of Directors, which was appointed by the Presidential Council, but it has nonetheless managed to control internal transaction systems in Libya, including the payment of salaries.

He pointed out that all the global banks we deal with, which are more than 30 major international institutions, have suspended all transactions. However, we are also in contact with other institutions, including the International Monetary Fund and the U.S. Treasury Department, adding that all international operations have been suspended, making it impossible to access funds or deposits outside Libya.

The Central Bank Governor confirmed, saying: “I am in contact with the committee formed by the House of Representatives and the State Council regarding the Central Bank crisis. According to communications with the Parliament and the High Council of State, both insist on enforcing the existing laws and the political agreement, which implicitly means the inevitable return of the governor.”

Aguila Saleh Discusses with UN Envoy Ways to Resolve the Central Bank Crisis Based on Political Agreement Provisions

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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.

Duma: “Presidential Council’s Overreach on Central Bank Deepens Crisis with Foreign Interference”

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The Second Deputy Speaker of the House of Representatives, “Misbah Duma,” stated that the lack of clarity from the international community on the Central Bank of Libya issue, especially after the unification of the bank and the approval of a unified budget, along with the insistence on a government whose mandate has expired, as he put it, is an obstacle to holding elections under the 6+6 laws.

Duma added that the Presidential Council making decisions outside its jurisdiction only complicates the Libyan crisis, with foreign interference managing the crisis rather than seeking to resolve it.

UN Mission Announces Resumption of Consultations Tomorrow to Reach an Urgent Solution for the Central Bank Crisis

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The United Nations Support Mission in Libya announced the resumption of its consultations tomorrow to reach a final agreement to find an urgent solution to the crisis of the Central Bank of Libya, between representatives of the House of Representatives and the High Council of State on one side, and a representative of the Presidential Council on the other.

The mission confirmed that representatives of the two legislative bodies have made progress regarding the general principles governing the transitional phase leading up to the appointment of a governor and board of directors for the Central Bank of Libya.

Al-Lafi Rejects Al-Menfi’s Decision on Forming the Alleged National Commission for Referendum and Information, Deems It Invalid

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Member of the Presidential Council, Abdullah Al-Lafi, has rejected the decision made by the President of the Council, Al-Menfi, regarding the formation of the National Commission for Referendum and Information. He considers this decision to be invalid.

Al-Lafi emphasized that all decisions of the Presidential Council are made unanimously in accordance with the political agreement. He pointed out that any unilateral decision issued by any of the three members is considered invalid and does not have any legal effect.

Central Bank Denies Claims of Foreign Banks Halting Transactions and Vows to Restore Dinar’s Value

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The administration of the Central Bank of Libya, appointed by the Presidential Council, has denied recent rumors circulating on some social media platforms about foreign banks ceasing transactions with the Central Bank. It clarified that these reports are misleading and baseless, aimed at harming the country’s economy.

The Central Bank reaffirmed its ongoing close communication with all its accredited correspondent banks abroad and that mutual procedures are proceeding normally, according to agreed-upon practices.

The bank reiterated that all its departments are operating normally and have started implementing its plan to resume operations after being halted by the previous administration. It has successfully reactivated and secured all electronic systems in the bank and paid the August salaries for all sectors across Libya, following the previous administration’s refusal to disburse them.

The Central Bank also clarified that it has reactivated the documentary credit system and prepared the personal purposes system for operation. It confirmed that it will intensify its efforts over the next week to restore the value of the Libyan dinar after it was weakened by illegal actions taken by the previous administration.

Additionally, the Central Bank of Libya emphasized that its relationship with foreign banks and institutions is governed by official agreements and international norms, which are not influenced by individuals. It reassured the public that its employees are working tirelessly and professionally to protect the banking sector, keeping it free from political interference.

The bank stressed the importance of verifying information from official sources and being cautious of fake news aimed at speculating on the value of the Libyan dinar and dragging the livelihoods of Libyans into the political conflict and questionable agendas.

Over 20 Migrants Missing in Mediterranean as Hundreds Are Returned to Libya

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More than 20 migrants, including men, women, and children from Syria, have gone missing in the central Mediterranean while attempting to cross from Libya to Italy, according to Italian media reports. The journey began on Sunday in an overcrowded boat, which capsized a few hours after leaving Libya.

Survivors reported that 28 people were on board, and each paid between 500 and 1,000 euros for the crossing, with none of the passengers wearing life jackets. The Italian Coast Guard rescued seven survivors three days later, who were found clinging to the upturned boat about 20 kilometers southwest of the island of Lampedusa. The remaining migrants are still unaccounted for.

A patrol boat rescuing migrants from a sinking ship off the coast of Lampedusa, Italy. Italian Coast Guard via AP

At the same time, the International Organization for Migration (IOM) announced that 979 migrants were intercepted in the Mediterranean and returned to Libya between August 25 and 31. These individuals were returned to cities including Tripoli, Zawiya, Sabratha, Zliten, and Tobruk.

The IOM also reported that since the beginning of 2024, over 15,000 migrants have been intercepted and sent back to Libya. The organization further revealed that 443 migrants have died this year, and 611 remain missing, highlighting the ongoing dangers faced by those attempting the treacherous crossing to Europe.

The Economist: Foreign Banks Refuse to Deal with the Central Bank of Libya

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The British magazine The Economist reported through its official account on “X” that foreign banks are refusing to deal with the Central Bank of Libya until it is determined who is in charge, based on advice from the U.S. Treasury Department.

In its post, The Economist explained that if Libya is cut off from the international banking system, it will face difficulties in purchasing essentials, including food.

Al-Kabeer Briefs House of Representatives and High Council of State on Recent Developments Regarding Presidential Council’s Decisions

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The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, stated that he provided a briefing to the Speaker of the House of Representatives, Aguila Saleh, and the President of the High Council of State, Khaled Al-Mishri, on the recent developments related to the decisions of the Presidential Council.

In his briefing, Al-Kabeer explained the negative impacts on the Central Bank and the banking sector, which have resulted in global banks suspending their dealings with the Central Bank.

Al-Kabeer also mentioned that he updated them on the outcomes of his efforts and meetings with the U.S. Treasury, the Federal Reserve, central banks, as well as with ambassadors and missions concerned with Libyan affairs.

For their part, the heads of the House of Representatives and the High Council of State expressed their rejection of all decisions issued by the Presidential Council regarding the Central Bank. They considered these decisions to be null and void and confirmed the agreement between the two councils on resolving the crisis in accordance with the law and the political agreement.

El-Sisi and Erdogan Commit to Resolving Libya’s Crisis

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Egyptian President Abdel Fattah El-Sisi announced on Wednesday that he and Turkish President Recep Tayyip Erdogan have reached an agreement to address Libya’s long-standing crisis. The two leaders agreed to push for simultaneous presidential and parliamentary elections in the country.

During a joint press conference in Ankara, El-Sisi emphasized the importance of removing illegal foreign forces and mercenaries from Libya and disbanding armed militias. He believes these steps are crucial for ending the division within the country and restoring security and stability.

El-Sisi also noted that Egypt and Turkey have agreed to establish consultations between their respective institutions to support political and security stability in Libya.

This visit marks El-Sisi’s first official trip to Turkey in more than 12 years, signaling a new chapter in relations between the two nations.