The functions of the CBL have grown since its establishment, and now include the following :

1. Issuing and regulating banknotes and coins in Libya;

2 . Maintaining and stabilizing the Libyan currency internal and external;

3. Maintaining and managing the official reserves of gold and foreign exchange;

4. Regulating the quantity , quality and cost of credit to meet the requirements of economic growth and monetary stability ;

5. Taking appropriate measures to deal with foreign or local economic and financial problems;

6. Acting as a banker to the Commercial banks;

7. Supervising Commercial banks to ensure the soundness of their Financial position and protection of the rights of depositors and shareholders;

8. Acting as a banker and fiscal agent to the state and public entities;

9. Advising the state on the formulation and implementation of financial and economic policy;

10. Supervising foreign exchange;

11. Carrying out any other functions or transactions normally performed by central banks, as well as any tasks charged to it under the Law of banking and currency and credit or any international convention to which the state is a party ;

12. Managing and issuing all state loans.

Monday 24 October 2005