Libyan central banks to reunite after seven-year splitTRIPOLI: Libya’s rival central banks said on Monday they had reached a reunification deal, seven years after they divided as conflict tore the country apart. The original bank, which manages the North African state’s vast oil revenues, had been severed in 2014 when a complex civil war gave rise to rival administrations in the east and west. A string of state institutions, including the central bank split in two during the escalation in 2014 that divided the country, broadly speaking, into eastern and western camps. The existence of two central banks has complicated the handling of Libya’s vital oil revenues and control over monetary policy, contributing to runaway inflation and a liquidity crisis, despite its vast crude reserves. The reunification deal comes before Libya is set to hold elections on December 24 aimed at moving past the decade of violence.

Source: Libya Today December 07, 2021 23:39 UTC