Today, Sunday, the Banking Supervision Department of the Central Bank of Libya, Benghazi, discussed with the Bank of Commerce and Development, the final accounts for the fiscal year ending 2021, in the presence of the General Director, directors of departments and units, and external auditors at the Bank of Commerce and Development, with the Director of the Banking Supervision Department, heads of departments, inspectors and supervisors of the banking administration.
The meeting dealt with the balance sheet for the year ending in 2021, and the proposal to distribute profits at the headquarters of the Banking Supervision Department in Benghazi, in addition to discussing the practical framework prepared for examining some selected items of a nature related to the financial statements and examining the work of the Directors Board in accordance with the governance guide of the Bank of Commerce and Development.
For his part, the Director of the Banking Supervision Department at the Central Bank of Libya in Benghazi, Ousama Al-Shukri, confirmed that the Banking Supervision Department demanded the bank to expedite the activation of internal control systems to reduce the risks that the bank may be exposed to. This is to increase the bank’s ability to pay its obligations and face losses that may occur in the future to protect depositors’ funds and the rights of shareholders and those who deal with them, as it constitutes a defensive and preventive line from risks, especially in light of the unstable economic conditions and the adjustment of the exchange rate.
Al-Shukri said that he urgently demanded the necessity for the bank to settle its local and external comments, taking into account the operational risks and the truth and fairness of the figures that express the integrity of the financial position items, adding that the bank still needs more scrutiny and correction in the classification of debts and evaluation of guarantees to form corresponding provisions, which are more accurate in the future.