The Central Bank of Libya
(CBL) is 100% state owned and represents the monetary authority in The Great Socialist People’s Libyan Arab Jamahiriya
and enjoys the status of 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 headquarter of the Central Bank is in Tripoli
. However, to make the CBL services more accessible to commercial banks branches and public departments located far from the headquarter, the CBL has three branches located in Benghazi
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 regime.
The CBL started its operations on April 1, 1956 to replace the Libyan Currency committee
which was established by the UN
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 four provinces.
<!-- Image with unknown copyright status removed: -->The governing structures of the Bank are:
- The Governor.
- The Deputy......