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Report: Central bank chief of Libya flees country amid threats from militias | Political News


The Tripoli-based Presidential Council has appointed a new board of directors for Libya’s central bank, leading to the suspension of most banking operations in the country. The upheaval was triggered by threats and intimidation from armed militias, forcing Governor Sadiq al-Kabir and other senior bank employees to flee the country. The crisis escalated when Prime Minister Abdul Hamid Dbeibah attempted to replace al-Kabir, accusing him of mishandling oil revenues. The eastern government responded by shutting down oilfields, controlled by military leader Khalifa Haftar, further exacerbating the situation.

The appointment of the new board of directors has left bank employees confused, with conflicting instructions on whether to come to work. Banking transactions have been suspended, causing a liquidity problem and threatening delays in public employee salaries. The instability has led to rising prices and uncertainty among the population about how they will meet their basic needs.

The crisis over control of the central bank adds another layer of instability to a country already divided between two rival administrations in the east and west, with backing from Russia and Turkey respectively. The UN has called for the lifting of force majeure on oil fields, the protection of central bank employees, and an end to escalations and use of force. The UN Support Mission in Libya is working to convene an emergency meeting with all parties involved to find a solution to the crisis.

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Photo credit www.aljazeera.com

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