Libyan Central Bank Refuses to Submit to New Board

The Libyan Central Bank, based in Tripoli, has expressed strong refusal to comply with demands from the new board to hand over control. This announcement comes amid political instability and ongoing conflicts among various factions in the country, leaving the question of who rightly controls financial institutions in Libya ambiguous. The new government, which has taken control in Tripoli, claims it has the legitimate right to oversee the Central Bank, but the current leadership rejects these demands, citing a lack of legal basis for such changes.

In the context of the ongoing conflict between different factions and governments in Libya, this situation exacerbates the financial issues the country already faces. The bank's refusal to comply with the new directives could lead to a further deterioration of the economic situation, as the uncertainty over governance forces international stock markets to limit their participation in the Libyan economy and hinders critical financial initiatives.

Representatives of the Central Bank state that any changes in leadership and management methods must be based on objective and transparent principles rather than political claims. As the conflicting parties continue their struggle for power and influence, the Central Bank's unwillingness to adhere to the new administration emphasizes the need for clear and predictable financial governance, which is essential for restoring the stability of Libya's economy.