Member of the Central Bank’s Board of Directors, Fakher Bouferna, told our source that the Central Bank has failed in some areas but succeeded in others, stressing that one year is not sufficient to judge the performance of the Central Bank’s Board of Directors. He explained that the Board’s decision to withdraw currency was a courageous one that helped curb wage growth and the flow of subsidies, and contributed to increasing oil production alongside the unification of the development budget.
Bouferna added that, within the framework of the Central Bank’s efforts to promote a culture of banking investment, and with regard to the rules governing investment funds—previously known under the Investment Fund regulations—it is expected that, during the next meeting or the one following it, the rules for investment funds will be issued. These rules will contribute to organizing the work of such funds in a way that allows banks to invest their funds and also enables depositors to invest their money.
Bouferna concluded his statement by saying that these regulations were prepared in partnership between the Central Bank and the Capital Market Authority, due to the existence of legal overlap regarding investment funds. Law No. 46 of 2012 granted the Central Bank of Libya the authority to approve investment funds, while Law No. 11 of 2010, which governs the capital market, assigned the supervision and oversight of these funds to the Capital Market Authority. This resulted in a legal duality between the Central Bank and the Authority, which was addressed through a joint committee between the two entities and stipulated in the new rules. Accordingly, the issue has been resolved.
