Libyan Central Bank Crisis Nears Resolution
The Libyan Central Bank has been in crisis mode since last month. The crisis began when the head of the Presidential Council based in Tripoli, Mohammed al-Manafi, decided to replace the bank's governor, Seddik al-Kabir, prompting eastern factions to order a halt in oil production in Libyan oil fields to protest the decision.
During United Nations-organized talks, delegations from the eastern and western Libyan legislative assemblies signed an agreement aimed at resolving the crisis over the Central Bank's leadership, including the appointment of an interim governor and deputy governor.
The agreement between the Benghazi-based House of Representatives and the Tripoli-based High Council of State includes the appointment of Naji Mohamed Issa Belqasem, director of the Central Bank's monetary and banking control department, as interim governor, while Morai Moftah Rahel al-Borôssi, who assumed the post of deputy governor in 2023, will continue to exercise his functions. The agreement could contribute to resolving a crisis over the bank's leadership and oil revenues, which has led to a sharp decline in Libya's oil production and exports. In September, the country only exported 400,000 barrels per day, compared to its normal production of around 1 million barrels.
This is good news for Tunisia and exporting companies that have certainly faced difficulties in getting paid throughout September. Libya is a key partner for us, and its stability counts greatly, especially economically.
