Central Bank of Libya
Mr. Saddek Omar Elkaber
|Headquarters Tripoli, Libya|
|Currency Libyan dinar - LYD (ISO Code )|
The Central Bank of Libya ( CBL ) is 100% state ownership 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 . Management of the general affairs of the Bank within the policies of the country is entrusted to a Board of Directors consisting of the Governor as chairman, Deputy Governor as Vice-Chairman , and Six other members, who usually represent other financial and economic interests . The Governor is the chief executive officer responsible for the implementation of the policy of the Bank and the management of its affairs ; he also represents the Bank in all its relations with other parties .
The CBL started its operations on April 1,1956 to replace the Libyan Currency committee which was established in the year 1951 and whose functions were confined to maintaining sterling assets against the issue of local currency, thus having no role in controlling money supply or credit nor in supervising banks.
The functions of the CBL have grown since its establishment, and now include the following :
- Issuing and regulating banknotes and coins in Libya;
- Maintaining and stabilizing the Libyan currency internal and external;
- Maintaining and managing the official reserves of gold and foreign exchange;
- Regulating the quantity , quality and cost of credit to meet the requirements of economic growth and monetary stability ;
- Taking appropriate measures to deal with foreign or local economic and financial problems;
- Acting as a banker to the Commercial banks;
- Supervising Commercial banks to ensure the soundness of their Financial position and protection of the rights of depositors and shareholders;
- Acting as a banker and fiscal agent to the state and public entities;
- Advising the state on the formulation and implementation of financial and economic policy;
- Supervising foreign exchange;
- 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 ;
- Managing and issuing all state loans.