Tripoli: The Board of Directors of the Central Bank of Libya has approved the activation of a unified clearing system between its branches in Tripoli and Benghazi. This measure will enable banks to fully utilize their balances.
According to Libyan News Agency, the Central Bank announced that this decision follows the first meeting of its Board of Directors in Tripoli, marking the first full attendance of all members in 10 years. The activation of the clearing system is part of the bank’s initiative to enhance and expedite banking services.
The bank’s statement also revealed the Board’s approval of a governance guide for the Libyan banking sector. This guide aims to align more closely with international standards, reflecting the evolving governance requirements at both local and international banking levels.
In addition, the Board decided to continue implementing strategies to support the value of the Libyan dinar. These measures are expected to strengthen the dinar’s purchasing power and help in reducing t
he overall price levels.
Furthermore, the Central Bank’s Board has authorized the Governor to take necessary legal actions to ensure timely payment of state salaries and address any potential delays. This authorization is part of efforts to streamline salary disbursement processes.
The Board also approved transferring the national distributor to the Central Bank of Libya. This move aims to support the bank’s liquidity provision strategy across branches and advance the electronic payment process as per the bank’s strategic plan.