Auditing report of Libya’s Central Bank arrives at last

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Posted – 01st August 2021

Three years after the former Head of the Presidential Council, Fayez Al-Sarraj, called on the UN Security Council to start an international audit of the work of the two offices of the Central Bank in Tripoli and Benghazi, with the participation of international institutions and organizations; On Thursday morning, his predecessor, Mohammed Menfi, and Prime Minister of the Unity Government, Abdul-Hamid Dbeibah, received the results of the audit work prepared by “Deloitte”, the leading financial auditing company.

Everything inside the reception hall seemed normal except for one scene, which is the standing of the Governor of the Central Bank of Libya, Siddiq Al-Kabir and his deputy, Ali Al-Hibri, side by side after an absence of seven years, which resulted in a severe split in the 2014 Board of Directors.

In conjunction with the delivery process; the management of Al-Siddiq Al-Kabir welcomed the completion of the report. The Governor of the Bank, in a speech to the audience, mentioned that his team succeeded throughout the years of division in maintaining the network of international correspondents and partners from global institutions; to enhance the transparency system.

Al-Kabir revealed that Libya had left the gray list for combating money laundering and terrorist financing after fulfilling the conditions of the Financial Action Task Force, in cooperation with the US Treasury Department, revealing the Central Bank’s intention to support the private sector to achieve sustainable development to ensure the diversity of sources of income.

Observers demanded that immediately after the receipt of the process, the results of the report be announced to the public, that its details be disclosed, and that the negligent be held accountable.

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