The United Nations Support Mission in Libya (UNSMIL) has expressed its support for the recent appointment of a Board of Directors for the Central Bank of Libya. In a statement, UNSMIL emphasized the importance of this step in ensuring that the bank operates with independence, integrity, transparency, and accountability. According to the Mission, a well-functioning board will enable the Central Bank to effectively manage the country’s monetary policy and contribute to its overall economic stability.

UNSMIL also urged the newly appointed leadership of the Central Bank to continue efforts toward the reunification of the institution, which has been split due to Libya’s ongoing political divisions. The Mission highlighted the need for tangible progress in this area, alongside the implementation of enhanced governance measures that include avoiding conflicts of interest.

In addition, UNSMIL encouraged the adoption of sound financial policies to ensure both financial and economic stability in Libya. These policies should be informed by the recommendations from the international financial audit of the Central Bank, which was facilitated by UNSMIL, and the consultations conducted under Article IV of the International Monetary Fund (IMF).

The Mission further stressed that the Central Bank must be shielded from political interference to maintain its credibility within the global financial system. Protecting the bank’s independence is crucial to allowing it to effectively perform its vital role in the Libyan economy, UNSMIL concluded.

This development marks an important step in strengthening the governance of Libya’s financial institutions, as the country continues to seek stability and recovery.