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Author: Amira Cherni

Al-Hassi to Our Source: “The National Commercial Bank’s Budget Exceeds 500 Million Dinars in Profits for 2024”

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The Chairman of the Board of Directors of the National Commercial Bank, Khaled Al-Hassi, stated in a comment to our source, on the occasion of the bank’s 70th anniversary, that nearly 7 billion dinars have been settled, and provisions have risen to approximately 1.3 billion dinars to address any potential issues. This instills confidence in external correspondents when dealing with the commercial bank in foreign transactions.

Al-Hassi added that the bank’s budget is expected to exceed 500 million dinars in profits during 2024, for the first time since its establishment. This comes after avoiding the anticipated tax expenses. He further clarified that most branches in the southern region have been renovated, and some young university graduates have been hired to enhance the workforce.

Al-Hassi emphasized that the bank has settled the situation for its employees, added more than 300 ATM machines, and now has machines for both Libyan dinars and foreign currencies. He added that the bank is working on including some banks, oil companies, and insurance companies to obtain certificates in banking operations in various economic fields, including risk management, Islamic banking, and others.

Concluding his statement to our source, Al-Hassi said: “I believe that today, especially in this month, we are the only bank in Libya paying the equivalent of 2,000 dinars, unlike other banks. Moreover, all machines are functioning efficiently with financial provisions and operate 24 hours a day.”

Al-Hassi to Our Source: “The National Commercial Bank Aims to Establish or Contribute to a Digital Bank”

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The Chairman of the Board of Directors of the National Commercial Bank, Khaled Al-Hassi, stated to our source that the bank aims, if approved by the Central Bank of Libya in the coming days, to establish or contribute to a digital bank. He also mentioned that the bank seeks to correct the status of the leasing company and launch it soon to become one of the supporting arms of the bank’s activities, which, until now, are solely owned by the commercial bank.

Al-Hassi explained that through commercial banks, there is an attempt to support various strategic projects within the city of Benghazi to stimulate the economy, emphasizing in a message to legislative authorities, governments, and institutions that a good economy cannot exist without a strong banking sector.

Al-Hassi concluded his statement by saying that the bank is responsible for ensuring the secure transfer of currency, with the current security stability no longer being a concern.

Al-Garej Sends Letter to Officials Regarding Obstacles Threatening the Future of Libyan Students in Turkey and Cyprus

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Mohamed Al-Said Al-Garej, head of the Libyan Student Union in Turkey and Cyprus, sent a letter to several officials including the Head of the Audit Bureau, the Prime Minister of the Government of National Unity, the Speaker of the House of Representatives, the Minister of Higher Education and Scientific Research, and the Minister of Foreign Affairs and International Cooperation. The letter addresses the obstacles threatening the future of Libyan students studying in Turkey and Cyprus.

In his letter, Al-Garej stated: “We present this urgent letter after growing frustration over the disregard and unjustified silence towards the challenges faced by Libyan students in Turkey and Cyprus. The problems we face can no longer wait or be delayed, as they threaten the future of a large group of students and their families.”

Key Obstacles Requiring Immediate Action:

  1. Failure to Renew Residency Permits:
    Many students and their families are facing the risk of illegal residency due to the expiration of their permits, with no intervention from the Ministry of Foreign Affairs, which has failed to act despite the severity of the situation. This neglect will inevitably have dire consequences, affecting not only the students but also the reputation of Libya and its foreign relations.
  2. Unacceptable Delay in Scholarship Payments:
    The prolonged delay in scholarship payments for several months is an irresponsible act concerning the fate of the students. This delay forces them into difficult situations, financially, during tough economic conditions. Continuing this way will lead to the loss of valuable academic talent that could contribute to building the future of the country.
  3. Inadequate Duration of PhD Scholarships:
    PhD students in Turkey and Cyprus are suffering from unrealistic and short scholarship periods, which do not cover the required time to complete their graduate studies. The Ministry of Higher Education reduced the scholarship duration to 36 months instead of 56 months, which contradicts the previous arrangement given to their peers. Some students have already exhausted their funding, and yet their scholarship periods have not been adjusted to allow them to complete their academic journey, hindering their academic progress.
  4. Denial of Master’s Students’ Rights:
    It is unacceptable to deny Master’s students, who completed their studies on time, the opportunity to continue their education and pursue a PhD, despite Libyan laws guaranteeing this right. This unjust deprivation is a clear violation of regulations and must be addressed immediately.

Consequences of Continued Neglect:

Al-Garej stressed that the continued obstacles mean that the Libyan state directly bears responsibility for destroying the future of its youth. He said: “We present this letter as a final notice, as patience has run out and ignoring this situation is no longer an option. If immediate and serious steps are not taken to resolve these issues, we hold the concerned authorities fully responsible for any consequences that may result.”

He concluded by acknowledging the technological progress made by the academic attaché in Turkey and Cyprus through digital transformation that has facilitated many procedures, and urged for this experience to be replicated in other regions, awaiting tangible actions on the ground.

Exclusive: President of the Arab Union Contracting Board Relieves General Manager Abulifa of Duties and Appoints Mohamed Ghoula as Acting Manager

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Our source has obtained a decision from the President of the Board of Directors of the Arab Union Contracting Company, which announces the removal of General Manager Salem Abulifa from his position.

The President of the Board appointed Mohamed Ghoula, a member of the board, to temporarily manage the general manager’s duties until the General Assembly President issues a decision on the matter.

In response to the decision, company employees staged an open sit-in today, protesting the decision made by Khaled Al-Mabrouk, Minister of Finance for the National Unity Government, in his capacity as Chairman of the General Assembly, granting full authority to the General Manager.

Exclusive: President of the Holy Quran Institution Addresses the Audit Bureau Deputy Head Regarding Unlawful Interventions by Shakshak

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Our sourcce has exclusively obtained a letter sent to the Deputy Head of the Audit Bureau from the President of the Holy Quran Institution, detailing what he describes as “unlawful interventions” made by the head of the Audit Bureau, Khaled Shakshak, in the affairs of the Complex.

The letter highlights, among other matters, Shakshak’s request to cover millions in financial expenses and charge them to the Complex’s budget. The President of the Quran Complex urged the Deputy Head of the Audit Bureau to address the consequences of such actions.

Exclusive: Despite Audit Bureau Reports Proving Involvement in Supplying Contaminated Gasoline, the National Oil Corporation Accepts Settlement with the Accused Company, with Approval from Shakshak

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On December 22, 2024, ur source obtained reports from the Audit Bureau, which were forwarded to the Public Prosecution, regarding the contaminated gasoline supply by Litasco company to Libya, which led to numerous vehicle malfunctions.

The National Oil Corporation had reached a settlement with the aforementioned company, with approval granted by the head of the Audit Bureau, Khaled Shakshak, under the following conditions:

  • Approval of the settlement by the Legal Affairs Department, including a legal opinion from the law office on the corporation’s position in this case.
  • Confirmation from the General Department of International Marketing regarding the financial value owed to the company for late penalties on the shipments delivered.
  • The settlement record affirms that the Libyan state retains the right to resort to legal action if evidence emerges proving the company’s involvement in supplying fuel shipments that do not meet agreed-upon specifications.
  • Payment to be made from the fuel supply account at the Libyan Foreign Bank.

The National Oil Corporation stated on its Facebook page that this settlement helped avoid significant financial losses, which would have been legally binding and could have endangered some of its foreign assets to seizure. The corporation also emphasized that it still retains the right to file a lawsuit against the company if investigations by the Audit Bureau reveal that the company supplied fuel shipments that did not meet the agreed specifications.

This ongoing case has sparked widespread debate, with many questioning why the company is being compensated instead of compensating the affected citizens.

Amin Salih Writes: The Communications Authority Outside the Scope of Communications

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The tech blogger Amin Salih wrote an article in which he entitled: “The Communications Authority is Outside the Scope of Communications.”

He stated: “When writing an opinion piece on information technology, you try to gather many ideas, mistakes, viewpoints, and issues, blending them with local and global experiences and practices.

During my visit last week to the Internet Governance Forum in Riyadh, I heard and participated in many discussions. One sentence by a member of a Brazilian organization named CGI, which focuses on multi-stakeholder models in information technology, caught my attention. He said, “The government and ministries do not lead development in information and communications technology; rather, communities drive that. The role of regulatory ministries is to develop and implement policies that grow the sector and coordinate with other sectors.”

While speaking with him directly, my thoughts turned to the case of the “General Authority for Communications and Information Technology.” With a staff exceeding 2,000 employees, boasting millions in budgets covering salaries, bonuses, and development efforts, the results, based on what I’ve observed, are close to zero. There are branches, travels, committees, and media productions, but the outcomes are very limited.

Some employees believe the authority should trade, compete, and profit, leading to envy and animosity toward private and public companies.

Challenges and Problems Facing the Authority

  • Weak coordination between various departments within the authority.
  • Absence of a clear strategic vision for developing the sector.
  • Over-reliance on bureaucracy that delays decision-making.
  • The impact of political disputes and armed conflicts on the authority’s performance, leading to power struggles within and outside the authority among private and public sectors, as well as individuals, resulting in no progress.
  • Limited investment in training and development for employees.
  • Dependence on outdated technologies, failing to keep up with modern technological advancements.
  • Weak digital transformation in providing services to citizens.
  • Employment based on personal relationships, rather than competence, and the influence of tribal and social factors in decision-making, even in simple administrative matters like firing or leave requests, including licenses and fees. This has led to the authority becoming a place for resolving unemployment issues, which results in disguised unemployment.
  • Many employees are preoccupied with creating “trends” and projects based on desires rather than needs, without considering causes, effects, or conducting research.
  • The absence of scientific and field research coordination, with no tangible results.
  • Lack of transparency in addressing citizens’ complaints or inquiries.
  • Failure to encourage private sector investment in telecommunications, directing work exclusively to government sectors, a practice the Libyan Audit Bureau has indicated may be tied to corruption.
  • Appointing unqualified officials in leadership roles due to quota systems.
  • Lack of cooperation with the local or international private sector, civil society, or even ministries within the country.
  • No accountability for administrative failures or financial waste.
  • Slow response during critical moments requiring swift action due to job congestion and a lack of accountability.

The Need for Comprehensive Reform

There are many mistakes that are hard for a single person to list from just one angle. What if a technical, oversight, and financial report about the authority were created? Would it be dismantled and rebuilt? I have made several attempts at reform on various levels, but unfortunately, I failed even with leadership supporting these ideas. The problem exists in middle management and even among employees. Here, I do not blame any party; each has its reasons. We have begun justifying corruption and decay and offering excuses. There are many questions, and we’ve reached a point where we can’t even find the questions to seek answers for.

My Vision for the Communications and Information Technology Authority Based on What I Know and Have Learned

  1. Reducing the Number of Employees
    The number of employees in the General Authority for Communications and Information Technology should be capped at 50, all of whom should be specialists and experienced, with a modern mindset, earning competitive salaries ranging from $1,500 to $3,000 per month.
  2. The Authority’s Framework
    The authority should focus on developing the best policies, regulations, and drafts of laws, coordinating with relevant parties.
  3. Advisory Council
    The authority should be supported by an advisory council, with no material compensation or personal or institutional benefits, consisting of:
    • Three universities, colleges, or specialized institutes (can be increased).
    • The National Authority for Information Security and Safety.
    • The General Authority for Information.
    • Three civil society organizations.
    • Three government-owned companies.
    • Several private sector companies (based on the topic of interest).
    • The Government Call Center.
      Each entity would nominate a representative, and conflicts of interest would be prevented. This council would serve an advisory and oversight role.
  4. Authority Independence
    The authority should avoid commercial competition, conflicts of interest, and favoritism. It should refrain from directly benefiting from markets but should encourage investment by reducing fees and taxes in targeted areas.
  5. Accuracy and Transparency
    The authority must operate with accuracy and transparency, publishing reports regularly, and serve as a model for providing services without personal interests or irresponsible behavior.

Reforming the Communications and Information Technology Authority requires a comprehensive vision and collective work aimed at overcoming accumulated mistakes and building a system that keeps pace with global technological developments and serves the interests of the country and its citizens. Achieving this goal starts by redefining the authority’s role, reducing its size to qualified competencies, and enhancing transparency and good governance. By moving away from bureaucracy and corruption, focusing on policy development and supporting innovation, the authority can become a model for management and sustainability. The road is not easy, but it is possible with sincere will and effective cooperation among all parties. This will lay the foundation for a strong telecommunications sector that contributes to strengthening the digital economy and supports sustainable development.”

Libya Not Exempt from Tightening Financial Procedures and International Review Requests: Lawsuits Filed Against Several US Banks for Payment Fraud

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Financial Times reported today that the Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Zelle payment network operator and three major US banks.

The British newspaper confirmed that these banks dominate financial transactions and failed to adequately investigate fraud complaints and compensate victims.

Millions of Dollars in Losses:

According to the report, the three banks involved are JPMorgan Chase, Bank of America, and Wells Fargo, with customers losing over $870 million since Zelle’s launch in 2017.

The article highlighted that Zelle, a peer-to-peer payment network run by Early Alarm Services, a company owned by the banks, allows for instant payments between consumers and other businesses. It quickly grew to become the largest service of its kind in the US.

Zelle Service:

The report pointed out that in recent years, Democratic lawmakers have criticized the banks for financial crimes taking place on the Zelle platform.

Rohit Chopra, CFPB Director, stated: “The largest banks in the country felt threatened by competing payment apps. As a result, they rushed to introduce Zelle, failing to implement the necessary safeguards.”

He added: “Zelle has become a goldmine for scammers, while victims are often left to handle the situation on their own.”

According to the report, the recent measures are not unique to Libya alone, indicating a global trend in tightening financial oversight and addressing fraud.

Exclusive: Despite the Audit Bureau’s Rejection, the National Oil Corporation Agrees to Settlement with Company Accused of Supplying Contaminated Gasoline to Libya

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Our exclusive sources revealed that in a new development in the case against Lukoil, filed in English courts, Libya is being asked to pay outstanding amounts totaling $42 million, including fines. These amounts are being demanded by the company for supplying contaminated gasoline, which led to the conviction of the general director of marketing in a case that has captured public attention for years.

The sources added that the company that supplied the contaminated gasoline and the National Oil Corporation have agreed to a settlement, in which the company will waive $7 million in exchange for receiving the remaining outstanding amount of $35 million. This agreement comes despite the Audit Bureau’s rejection of the settlement.

The sources raised a key question: “Is it possible for the company to waive its rights in this manner if it wasn’t involved and its position is weak before the judiciary? Has collusion by entities that dealt with the company opened the door for a settlement that has resulted in the complete loss of Libyan rights and potentially opened the door for the importation of more counterfeit goods?”

Global Platts: Oil Shutdown in 2025 Signals More Chaos in the “Mafia State”

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Global Platts, the British agency, revealed part of its 2025 commodities series today, also focusing on the oil and gas sector.

According to the agency, Libyan oil production rose in November to 1.17 million barrels per day, according to estimates from Standard & Poor’s Global Commodity Insights. This is the highest production figure since October 2022. However, considering the volatile security situation and the fractured policies in the country, the recovery is unlikely to last long, according to Libya observers.

The British agency stated that Libya holds the largest reserves of oil and gas in Africa, but it has been mired in chaos since the overthrow of Muammar Gaddafi in 2011 and has not yet recovered. In 2014, the country was divided between two competing governments in the west and east.

The agency noted that following a weeks-long oil shutdown due to a dispute over the leadership of the Libyan Central Bank, which ended in early October, oil production rose.

Analysts stated that the vital sector will remain at the mercy of political actors in the coming year.

A source from the oil and gas sector in Tripoli, who requested anonymity, said: “If anyone understands what will happen politically in 2025, they will understand what will happen in the oil and gas sector. The National Oil Corporation wants to say that production is rising and things are stable, but 2025 will be similar to 2024.”

The agency confirmed that key issues on the agenda include negotiations between the National Oil Corporation and foreign companies about major projects, the impact of Syrian President Bashar al-Assad’s fall on political stability in Libya, and the fragile ceasefire between Prime Minister Abdul Hamid Dbeibah and Libyan National Army Commander Khalifa Haftar in the east of the country.

Prominent analyst at Verisk Maplecroft, Hamish Kinnear, stated that 2025 presents mixed prospects for Libya’s oil and gas sector. On one hand, Libya’s production reaches record levels, global oil companies resume exploration, and the sector sees its best performance since the 2011 civil war. On the other hand, the recent central bank crisis and oil and gas shutdowns, along with Libya’s entrenched political conflict, could lead to sudden disruptions in the country once again, according to the British agency.

Africa Intelligence: Libyan Investment Authority Seeks to Negotiate Frozen Assets Abroad

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The French intelligence website, Africa Intelligence, reported today, Thursday, that the Libyan Investment Authority is resuming its battle to recover Libyan assets.

The site confirmed that the head of the Investment Authority, Ali Mahmoud Hassan, is seeking negotiations on the use of frozen assets during his discussions with the United Nations sanctions committee on Libya.

Exclusive: Audit Bureau Deputy Discusses with the General Administration for Oversight of the Energy and Public Companies Sectors the Work of Technical Committees Observing the Annual Oil Inventory

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The Deputy of the Libyan Audit Bureau held discussions with the General Administration for Oversight of the Energy and Public Companies Sectors about the work of technical committees serving as observers in the annual oil inventory operations.

He emphasized the need to crown oversight efforts with a comprehensive qualitative report supported by technical observations and recommendations aimed at improving governance of inventory processes and addressing any negative phenomena in this regard.

During the meeting with the Energy Sector Oversight Administration, the Deputy addressed the issue of financial settlements concerning Mellitah Oil and Gas Company and the absence of its revenues over the past ten years.

He explained that delays in the settlement procedures by Mellitah resulted in approximately $53 billion being subject to noticeable negligence in their settlement by the National Oil Corporation (NOC) and the foreign partner.

The Deputy stressed the importance of urging the NOC to address this issue while safeguarding Libyan rights, noting that prolonged settlement periods further complicate and obscure the situation.

He also requested the Oil Sector Oversight Administration to submit a report on the matter within three weeks.

World Bank: Fuel Smuggling from Libya Exceeds $5 Billion Annually

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The World Bank has revealed in a report that Libya introduced its subsidy program in 1971, covering essential food products, energy, public services such as water and sanitation, education, medicines, and animal feed. The program aimed to set affordable prices for basic consumer goods and shield consumers from global price shocks.

The report noted an attempted reform of the subsidy system between 2005 and 2010, which failed before the 2011 uprising. The subsidy system continues to burden the state budget significantly.

The World Bank confirmed that subsidies and controlled prices in Libya are integral to the social contract, representing an average of 9.3% of the GDP during 2015–2023, according to the budget of the Government of National Unity. However, Libya’s subsidy system is highly inefficient, with a significant portion of subsidized fuel smuggled to neighboring countries. The estimated fuel smuggling amounts to no less than $5 billion annually. Given Libya’s limited refining capacity, the country imports or “trades” fuel and sells it at subsidized prices.

According to the World Bank, Libya has increased fuel imports from Russia, particularly since February 2023, following the EU’s ban on Russian petroleum products. Libya ranks as the third-largest buyer of Russian diesel globally and the largest in the Arab world. Moreover, fuel smuggling from Benghazi port has reportedly surged significantly since the onset of the war in Ukraine.

Beyond the substantial financial costs, smuggling subsidized fuel also contributes to domestic shortages. At a subsidized price of 0.15 Libyan dinars per liter, Libya has the second cheapest fuel globally after Iran. However, fuel shortages frequently occur in the south, where prices in the parallel market can reach up to 7 dinars per liter when fuel is available. Discussions about subsidy reform are ongoing, with the most recent being in January 2024, when the Government of National Unity announced plans to replace fuel subsidies with cash transfers. However, reforming the social rent system and redistributing wealth remains challenging for a government grappling with political instability and limited authority and representation.

The World Bank emphasized that subsidy reforms in Libya must be accompanied by adequate cash transfers. A study conducted by the World Bank on subsidy reforms highlights that subsidies for gasoline and electricity—accounting for over 90% of household energy consumption and the same proportion of government spending on subsidies—decline sharply in absolute terms. On average, each individual benefits 3.5 times more from energy subsidies than from subsidies on electricity and gasoline combined, according to the World Bank.

Al-Shaeibi Explains the Importance and Implications of the Federal Reserve’s Alert to the Central Bank Regarding Dollar-Denominated Transactions

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Banking expert Omran Al-Shaeibi commented on the letter sent by the Central Bank of Libya to the Audit Bureau in response to the alert issued by the U.S. Federal Reserve, which called for subjecting its dollar-denominated transactions to review and auditing. He described this alert as a significant indicator of the nature of the relationship between the Libyan banking sector and international financial institutions. Al-Shaibi stressed the need for serious action, as this measure falls under the “de-risking” policy, whereby financial institutions end or restrict business relationships with certain clients or client groups to avoid risks, instead of managing them in line with the Financial Action Task Force (FATF)’s risk-based approach.

Al-Shaeibi explained the importance and implications of this measure as follows:

  1. Loss of Institutional Trust: This measure reflects deep concerns from the U.S. Federal Reserve about the Central Bank of Libya’s ability to manage its financial operations according to international standards. This impacts the bank’s reputation and reduces international dealings.
  2. Complicated Financial Operations: This involves subjecting international financial transactions to meticulous reviews or involving a third party in auditing processes, as indicated in the alert. Such actions could disrupt vital financial operations, such as collecting oil revenues or facilitating essential imports.
  3. Direct Economic Repercussions: Restrictions on dollar-denominated transactions may delay the country’s ability to meet external obligations, negatively affecting national economic stability and hindering the state’s ability to provide basic goods or maintain monetary stability.

He added that the implementation of the “de-risking” policy by international financial institutions, as per the FATF, is not solely tied to risks of money laundering and terrorism financing. It also reflects a comprehensive assessment of the institution’s adherence to the 40 international standards set by the FATF. This approach is based on internal risk assessments without requiring formal justification.

Al-Shaeibi emphasized the need for the Central Bank to enhance its procedures and demonstrate its ability to comply with international standards to restore correspondent institutions’ trust. This includes:

  • Preventing delays in international financial transactions.
  • Avoiding disruptions in financial flows with the global market.
  • Strengthening measures against money laundering and terrorism financing.
  • Developing a robust “Know Your Customer” system.
  • Increasing transparency in managing financial operations.
  • Engaging reputable third-party financial institutions to manage risks.
  • Seeking advisory support from international financial institutions to enhance compliance standards.
  • Working on a long-term strategy for sustained improvements.

He concluded by stating: “The recent uncalculated breach of the Central Bank has led international institutions to take stringent measures until trust in Libya’s financial institutions is restored. However, we trust the new board of directors and technical teams at the Central Bank to overcome this obstacle successfully.”

Al-Haddad: These Are the Reasons Behind the U.S. Federal Reserve’s Suspension of Dealings with the Central Bank of Libya

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Banking expert Ibrahim Al-Haddad stated in a post on his official page that the Central Bank of Libya has lost its status and credibility, as he described it. He attributed the U.S. Federal Reserve’s suspension of dealings with the Central Bank of Libya until an international auditing firm is assigned to review the bank to a complete lack of transparency and disclosure, which raised concerns about the bank’s condition. He also pointed to the inaccuracy of the bank’s financial statements, balance sheets, and financial positions, along with contradictions in the announced data, information, and statistics.

In his post, Al-Haddad added: “There is ambiguity regarding Libya’s foreign currency reserves abroad and fears surrounding them, especially after Al-Kabeer’s statement that they amount to $29 billion instead of the $84 billion reported in the International Monetary Fund’s report. Deloitte’s internationally commissioned financial audit reports have revealed very serious violations, breaches, and substantial risks in the bank’s procedures and operations.”

Al-Haddad further noted: “Deloitte and the Organized Crime and Corruption Reporting Project (OCCRP) disclosed suspicious practices involving significant manipulation in amending the contract between the bank and the British company De La Rue for printing currency. This resulted in massive losses amounting to $4.8 billion, or 6.5 billion Libyan dinars. Additionally, Libyan currency was unlawfully printed in Russia by the company Goznak at a very high cost of $6 per banknote, whereas the global standard at the time was between 4 to 13 cents per note. Furthermore, Deloitte’s report was concealed by Al-Kabeer and Al-Hibri, allegedly to preserve their positions and hide their corrupt practices.”

He also pointed out: “A report by the World Gold Council revealed the disappearance of 27.18 tons of Libya’s gold reserves held at the Central Bank in 2014. The bank failed to announce this reduction, as the reserves dropped from 143.82 tons to 116.64 tons. The IMF noted that the Central Bank recently purchased 30 tons of gold, which was considered an attempt to obscure previous facts and events. Additionally, Global disclosed suspicions of corruption and money laundering related to foreign credits and transfers exclusively directed by Al-Kabeer to ABC Bank in London.”

Al-Haddad concluded his post, stating: “Meetings held by former Governor Al-Kabeer and the current Acting Governor with ambassadors from various countries, where they disclosed secrets and information about the bank and the state’s condition, as well as meetings with international organizations, the U.S. Federal Reserve, and the U.S. Treasury in Tunisia, revealed the unstable situation of the Central Bank. These meetings confirmed the inefficiency, inexperience, and inability of the Acting Governor and his deputy to manage the bank’s affairs effectively, leading to the U.S. Treasury’s support for the Federal Reserve’s aforementioned measures.”