Libyan businessman Husni Bey told our source exclusively:<\/p>\n\n\n\n
\u201cSetting personalities entirely aside, who remains governor, who leaves, and who assumes interim management\u2014the recent developments at the Central Bank of Libya confirm a fact we must not ignore: the Central Bank\u2019s stability abroad depends to a great extent on the legitimacy and soundness of procedures within Libya.<\/p>\n\n\n\n
\u201cThe decision issued by the Presidency of the House of Representatives on October 22, 2026, provisionally accepted Governor Naji Issa\u2019s resignation \u2018in principle\u2019 and assigned Dr. Fawzi Misbah Abukhzam to temporarily perform the governor\u2019s duties, pending the submission of the resignation to the House of Representatives and a final decision in accordance with the legislation in force.<\/p>\n\n\n\n
\u201cMeanwhile, Mohamed Takala, President of the High Council of State, supported Abukhzam\u2019s temporary assumption of the duties until an agreement could be reached with the House of Representatives. However, the Council\u2019s First Deputy President announced his rejection of the decision, describing it as a unilateral measure. This disagreement is not merely a symbolic political dispute.<\/p>\n\n\n\n
\u201cThe governor of the Central Bank of Libya holds a sovereign position whose appointment mechanism is regulated by the Libyan Political Agreement, which requires consensus between the House of Representatives and the High Council of State. This mechanism was reaffirmed in practice by the September 2024 agreement under which the Bank\u2019s current leadership was appointed, pursuant to Article 15 of the Political Agreement.<\/p>\n\n\n\n
\u201cThe real question, therefore, is not who the governor is, but whether the procedures for dismissal, acceptance of resignation, interim appointment, or permanent appointment complied with the constitutional, legal, and consensus-based framework recognized both inside and outside Libya.<\/p>\n\n\n\n
\u201cThis question has become more urgent following press reports\u2014which have not been conclusively confirmed by an official decision from the Federal Reserve\u2014indicating that the Central Bank of Libya\u2019s accounts at the US Federal Reserve were subject to a temporary precautionary freeze because of uncertainty over which authority was entitled to approve financial transactions.<\/p>\n\n\n\n
\u201cUntil the Federal Reserve issues an official statement, these reports must be treated with caution. Nevertheless, they reflect a genuine risk: any ambiguity over who has the legitimate authority to sign off on the state\u2019s funds can immediately become an international banking problem.<\/p>\n\n\n\n
\u201cBefore these developments, an official US communication had expressed concern about the recent events at the Central Bank, warning that undermining its technocratic cohesion and independence could threaten Libya\u2019s financial and economic stability.<\/p>\n\n\n\n
\u201cThe international financial system does not care who we personally prefer as governor. Correspondent banks, the Federal Reserve, and international financial institutions ask simpler but more stringent questions: Who has legal standing? Who has signing authority? Was the transfer of power carried out in accordance with the law? And is there a single authority recognized internationally that can issue binding instructions on behalf of the Central Bank of Libya?<\/p>\n\n\n\n
\u201cReducing this issue to a conflict between individuals would therefore be a serious mistake. The priority now must be to eliminate any doubt about the Bank\u2019s legal status and complete the procedures in accordance with the Constitutional Declaration and its amendments, the Libyan Political Agreement, applicable banking legislation, and consensus between the two competent institutions.<\/p>\n\n\n\n
\u201cIt is not enough for a decision to be politically defensible domestically; it must also be legally defensible before the international financial system. The Central Bank of Libya is not a local ministry whose management dispute affects only domestic affairs. It is the institution responsible for managing reserves, oil revenues, external payments, letters of credit, and relations with correspondent banks and the global financial system.<\/p>\n\n\n\n
\u201cAny challenge to the legitimacy of its leadership could therefore carry a cost far greater than the political dispute that gave rise to it.<\/p>\n\n\n\n
Conclusion<\/strong><\/p>\n\n\n\n \u201cRegardless of whether the individuals involved are Naji Issa, Fawzi Abukhzam, or anyone else, the priority must be to respect the mechanisms of consensus and the law.<\/p>\n\n\n\n \u201cThe phrase \u2018temporary arrangement\u2019 or the \u2018provisional acceptance of a resignation\u2019 must not become a means of bypassing the legal framework on which the legitimacy of the Bank\u2019s leadership was originally established.<\/p>\n\n\n\n \u201cThe objective is not to secure victory for one side, but to protect the Central Bank of Libya from becoming the subject of an international dispute over its legitimacy.<\/p>\n\n\n\n \u201cPolitical disagreements can be resolved tomorrow. Losing international confidence in the Central Bank and its authority to manage Libya\u2019s funds, however, could carry a cost that is both faster to materialize and far greater in scale.<\/p>\n\n\n\n \u201cProcedural legitimacy is not a constitutional luxury; it is part of the state\u2019s financial security.\u201d<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Libyan businessman Husni Bey told our source exclusively: \u201cSetting personalities entirely aside, who remains governor, who leaves, and who assumes interim management\u2014the recent developments at the Central Bank of Libya confirm a fact we must not ignore: the Central Bank\u2019s stability abroad depends to a great extent on the legitimacy and soundness of procedures within […]<\/p>\n","protected":false},"author":13,"featured_media":258704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"iawp_total_views":14,"_asgm_disable_schema":false,"_asgm_disable_faq":false,"_asgm_disable_howto":false,"_asgm_disable_llms":false,"_asgm_llms_description":"","footnotes":""},"categories":[2],"tags":[613],"class_list":["post-258703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-libya"],"acf":[],"yoast_head":"\n