Libya, UK Ambassador deliberate on strategic Financial Reforms

The Governor of the Central Bank of Libya (CBL), Saddek El-Kaber, held a crucial meeting with Martin Longden, the United Kingdom’s Ambassador to Libya. The meeting, which took place recently, focused on key issues aimed at bolstering Libya’s financial landscape among which is imposition of tariffs on foreign currency sales.

According to statements from the CBL, the discussion encompassed a wide range of topics, with a primary focus on unifying the operations of the Central Bank and the planned withdrawal of the fifty-dinar banknote from circulation.

This signals a strategic step towards streamlining monetary policies and enhancing financial stability within the country.

Among the matters deliberated during the meeting were proposals regarding the imposition of tariffs on foreign currency sales, the approval of a unified budget, fuel exchange mechanisms, and the resolution of subsidy-related challenges.

The discussions focused on addressing pressing financial concerns and paving the way for sustainable economic growth.

The British Ambassador reiterated his country’s unwavering support for Libya’s endeavors in achieving financial sustainability.

He lauded the Central Bank role in safeguarding the stability of the state amidst challenging circumstances.

The affirmation of support from the United Kingdom underscores the importance of international cooperation in fostering economic resilience and development.