Central Bank of Libya Governor Naji Issa briefed Presidential Council President Mohamed Menfi on the latest economic developments and the Central Bank's reform measures to upgrade the banking sector and develop financial disclosure mechanisms.

Central Bank Plan

According to the Presidential Council's media office, Issa informed Al-Menfi that the current plan aims to improve the effectiveness of the banking sector by strengthening governance and transparency and developing financial disclosure mechanisms to enhance institutional discipline and consolidate monetary stability.

During the meeting, held at Presidential Council headquarters in Tripoli, Issa affirmed that the Central Bank would provide additional liquidity to commercial banks to support market stability and improve the banking system's ability to meet citizens' and economic actors' needs.

Central Bank measures

Last week, the Central Bank sponsored an agreement between the House of Representatives and the High Council of State for the "Unified Development Program," and it has recently begun distributing cash to commercial banks.

On Monday, the Central Bank began pumping $2 billion into the banking market to finance existing documentary credits for the import of basic commodities and cover personal transfers for citizens through commercial banks.

According to sources who spoke with Alwasat, this measure is part of a comprehensive plan adopted by the Central Bank to settle as many financial obligations as possible before the end of the year. The aim is to control liquidity and stabilize the final accounts of banks.