Central Bank of Libya
The Central Bank of Libya is the monetary authority in Libya. It has the status of an 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 are 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 government. As of September 2011, the bank's governor is Kassem Azzuz.
History
The CBL was founded in 1955 under Act no. 30 started its operations on 1 April 1956 under the name of National Bank of Libya, 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 the weak and poor Libyan economy. 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, then to its current name Central Bank of Libya after the 1969 coup d'état.
Governing structures
The governing structures of the Bank are:- The Governor.
- The Deputy Governor.
- The Governing Council.
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
| 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 |
| Kassem Azzuz | April 2011 | 12 October 2011 | for NTC |
| Sadiq al-Kabir | 12 October 2011 | for GNC, later PC since Sep. 2014 |
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.