Libya’s Central Bank Leadership Shifts as Parliament Appoints New Governor
Libya’s eastern parliament has made a crucial decision to appoint Naji Mohamed Issa Belqasem as the new central bank governor, effective immediately. This move comes after the former governor, Sadiq al-Kabir, was removed from office last month by the presidential council in Tripoli.
According to Parliament Spokesperson Abdullah Bliheg, all 108 lawmakers voted in favor of appointing Belqasem, who previously served as the central bank’s director of banking and monetary control. The parliament also appointed Mari Muftah Rahil Barrasi as Belqasem’s deputy. The duo is expected to form a new board of directors for the central bank within the next 10 days.
The appointment is part of a U.N.-facilitated agreement between the parliament and the High Council of State to appoint new leadership for the country’s central bank. This move aims to resolve the longstanding dispute between the eastern and western parliaments over the control of the country’s central bank.
However, the decision has sparked controversy, with the presidential council and the government of Prime Minister Abdul Hamid Dbeibah rejecting the move. They claim that removing al-Kabir was an illegitimate move, as it did not follow the interim regulations agreed upon during U.N.-backed talks that oversee the unity of the country’s institutions.
Al-Kabir had been serving as the central bank’s governor since October 2011, when Libya plunged into chaos following the overthrow of its leader, Moammar Gadhafi, by a NATO-backed uprising. During his tenure, he faced criticism from officials on both sides of the political divide over the allocation of Libya’s oil revenues.
The shift in central bank leadership is a crucial step towards stabilizing the country’s fragile economy, which has been plagued by political instability, corruption, and economic sanctions. With Belqasem and Barrasi at the helm, the central bank aims to restore stability and ensure the effective management of the country’s financial resources.
