Libyan Central Bank Suspends Operations After Executive Kidnapping

The Libyan Central Bank has announced the suspension of all its operations, effective immediately, following the kidnapping of one of its executives in the capital Tripoli.

In a statement released on Sunday, the bank denounced the kidnapping of its IT director, Musab Msallem, who was abducted from his home by an “unidentified person” on Sunday morning. The bank stated that other employees had been threatened with kidnapping, prompting the decision to suspend operations until Msallem’s safe release.

The central bank, which is independent but owned by the Libyan state, is the sole internationally recognized repository of Libya’s oil revenues, a vital economic source of income for the country. Libya’s economy has been plagued by chronic insecurity and power struggles since the ouster and assassination of Libyan leader Muammar Gaddafi in 2011.

The development comes just a week after the central bank was besieged by gunmen, according to the AFP news agency. According to local media, cited by AFP, the gunmen sought to force the resignation of the bank’s governor, Seddik al-Kabir, who has been criticized for his management of oil resources and the state budget.

In office since 2012, Mr. Kabir has faced scrutiny over his handling of the country’s oil revenues and budget. The current situation is a further example of the ongoing instability and power struggles that have plagued Libya since the overthrow of Gaddafi.

Libya currently has two governments: one recognized by the UN and based in Tripoli, and the other in the east of the country, backed by warlord General Khalifa Haftar. The conflict has resulted in a divided country with a fragile economy and a lack of stability.