Libya’s Central Bank Reunifies After Nearly a Decade of Division
Libya’s central bank announced its reunification on Sunday, marking an end to nearly a decade of division caused by the nation’s protracted civil war, which spawned two rival administrations in the east and west of the country. In a meeting held in Tripoli, Central Bank Governor Sadiq al-Kabir and his eastern deputy, Marai Rahil, affirmed the bank’s status as a “unified sovereign institution.”
The central bank is responsible for billions of dollars annually in oil revenue and foreign reserves. In 2014, it split along political lines, with the internationally recognized headquarters in Tripoli and an eastern branch aligned with military commander Khalifa Hifter in Benghazi.
The announcement, celebrated by rival administrations in Libya, comes 19 months after initiating the unification process, with Deloitte overseeing the efforts. Al-Kabir and Rahil committed to continue working to address the repercussions of the division, although no further details were provided.
The reunification signifies a step forward in mending the rifts that have torn the country apart since the NATO-backed uprising that overthrew dictator Moammar Gadhafi in 2011.
