With Al-Kabeer Remaining in Office, UNSMIL Proposes a Roadmap to Resolve the Central Bank Crisis

The United Nations Support Mission in Libya (UNSMIL) has presented a roadmap proposal to resolve the crisis surrounding the Central Bank of Libya, which has been received by both the House of Representatives and the High Council of State.

UNSMIL also stated that in light of the recent unilateral actions taken by Libyan parties, it is unclear who is currently responsible for the Central Bank.

Libya is facing an imminent financial deterioration and a potential crisis due to the lack of clarity regarding the leadership of the Central Bank.

To avoid such a crisis, it is essential for Libyan parties to reach a swift consensus to clarify the leadership of the Central Bank and restore confidence in its operations. Therefore, UNSMIL recommends the following steps and is ready to facilitate discussions and seek technical assistance for their implementation:

• Al-Kabeer remains in his position temporarily as the Governor of the Central Bank of Libya, pending the completion of the agreed-upon process for appointing a Central Bank Governor.
• Within 10-14 days, a new Board of Directors is approved based on political consensus, following proper procedures, and ensuring technocratic qualities.
• Within one month, a Central Bank Governor is appointed through a process involving both the House of Representatives and the High Council of State, in accordance with the Libyan Political Agreement, regardless of whether Kabir is reaffirmed through this consensus-based process or a new governor is selected.
• Within three months, an agreement is reached on arrangements involving key parties for the transparent and accountable distribution of revenues.