Central Bank of Libya

Central Bank of Libya
مصرف ليبيا المركزي

Headquarters	Tripoli
Established	1956
Governor	Ali al-Hibri for HR Sadiq al-Kabir for PC
Central bank of	Libya
Currency	Libyan dinar LYD (ISO 4217)
Preceded by	Libyan Currency Committee
Website	cbl.gov.ly

The Central Bank of Libya (CBL) is the monetary authority in Libya and enjoys the status of autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya, and to promote the sustained growth of the economy in accordance with the general economic policy of the state.

The headquarters of the Central Bank is in Tripoli. However, to make the CBL services more accessible to commercial banks branches and public departments located far from the headquarters, the CBL has three branches located in Benghazi, Sabha and Sirte.

In March 2011, the governor of CBL, Farhat Bengdara, resigned and defected to the rebelling side of the Libyan Civil War, having first arranged for the bulk of external Libyan assets to be frozen and unavailable to the Gaddafi regime.^[1] As of September 2011, the bank's governor is Kassem Azzuz.^[2]

History

Central Bank of Libya building in Tripoli.

The CBL was founded in 1955 under Act no. 30 (1955) started its operations on 1 April 1956 under the name of National Bank of Libya,^[3] to replace the Libyan Currency committee which was established by the United Nations and other supervising countries in 1951 to ensure the well being of theWeak and poor Libyan economy.^[4] The primary aims of the Libyan Currency committee were to assist Libya in creating a unified currency in all three provinces.

The Bank's name was changed to Bank of Libya under Act no. 4 (1963),^[3] then to its current name Central Bank of Libya after 1969 coup d'état.

Governing structures

The governing structures of the Bank are:

The Governor.
The Deputy Governor.
The Governing Council.

Management of the general affairs of the Bank within the policies of the country is entrusted to a board of directors consisting of the governor as chairman, deputy governor as vice-chairman, and six other members, who usually represent other financial and economic interests.

The tasks of the governor include:

Direct the Bank and preside over the governing council and executive commission.
Take primary responsibility for the Bank fulfilling its responsibilities and for doing so in a lawful manner.
The governor has ultimate authority over bank contracts and other legal documents
The Bank's representation before tribunals of justice.
The representation of the Bank in all its relations with other parties.

Governors

This is list a governors of The Central Bank of Libya since its establishment.^[4]^[5]^[6]^[7] The Bank endured twice an administration split, first during the first civil war, (February–August 2011), then from September 2014 on, as a result of the ongoing civil war.

Name	tenure start	tenure end	Notes
Ali Aneizi	26 April 1955	26 March 1961
Khalil Bennani	27 March 1961	1 September 1969
Kassem Sherlala	20 September 1969	17 January 1981
Rajab El Msallati	18 January 1981	3 March 1986
Muhammad az-Zaruq Rajab	4 January 1987	6 October 1990
Abd-al-Hafid Mahmud al-Zulaytini	7 October 1990	13 February 1996
Taher Al-Jehaimi	14 February 1996	22 March 2001
Ahmed Menesi	23 March 2001	5 March 2006
Farhat Bengdara	6 March 2006	6 March 2011
Abd-al-Hafid Mahmud al-Zulaytini	6 March 2011	2 April 2011	acting
Muhammad az-Zaruq Rajab	2 April 2011	August 2011
Ahmed S. El Sharif	February 2011	April 2011	for NTC (in Benghazi)
Kassem Azzuz	April 2011	12 October 2011	for NTC (in Benghazi to Aug. 2011)
Sadiq al-Kabir	12 October 2011		for GNC, later PC since Sep. 2014
Ali al-Hibri	September 2014		for HR

Functions

The functions of the CBL have grown since its establishment, and now include the following :

Issuing and regulating banknotes and coins in Libya.
Maintaining and stabilizing the Libyan currency Internally and Locally.
Maintaining and managing the official reserves of gold and foreign exchange.
Regulating the quantity, quality and cost of credit to meet the requirements of economic growth and monetary stability.
Taking appropriate measures to deal with foreign or local economic and financial problems;
Acting as a banker to the Commercial banks;
Supervising Commercial banks to ensure the soundness of their Financial position and protection of the rights of depositors and shareholders.
Acting as a banker and fiscal agent to the state and public entities.
Advising the state on the formulation and implementation of financial and economic policy.
Supervising foreign exchange.
Carrying out any other functions or transactions normally performed by central banks, as well as any tasks charged to it under the Law of banking and currency and credit or any international convention to which the state is a party ;
Managing and issuing all state loans

References

↑ FT interview dated 17 May 2011 here
↑ Birsel, Robert (1 September 2011). "Dinars from heaven as Britain flies banknotes to Libya". Reuters UK. Reuters. Retrieved 18 September 2011.
1 2 Bank of Libya, Economic Bulletin-Statistical Supplement, Economic Research Division of Bank of Libya, July 1967.
1 2 "Central Bank of Libya" (in Arabic). 2015. Retrieved 2016-06-23.
↑ "Appointing a New Governor of CBL" (in Arabic). 2011-04-04. Retrieved 2016-06-23.
↑ "Dismissing G. of CBL" (in Arabic). 2014-09-14. Retrieved 2016-06-23.
↑ "NTC dismisses G. Of CBL" (in Arabic). 2011-10-12. Retrieved 2016-06-23.

External links

Central Bank of Libya official site (in English)

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of the Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Agency Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga Reserve Bank of Vanuatu

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

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