The recent crisis at the Central Bank of Libya (CBL) over its leadership, which began in August and ended in late September of this year, severely impacted the country’s oil production and overall economy. The crisis was triggered by a power struggle between rival governments and factions vying for control over the CBL’s management of hydrocarbon wealth and fiscal policies. The situation was eventually resolved with the appointment of a new Governor, Deputy Governor, and Board of Directors, but the CBL remains a central point of political tension. The crisis underscored the fragility of Libya’s political landscape and its profound impact on economic stability, highlighting the urgent need for a more unified and stable governance framework to manage the country’s critical financial and natural resources effectively.
The Libya Economic Monitor (LEM) is the product of the Middle East and North Africa unit in the Economic Policies Global Practice at the World Bank Group. It provides an update on key economic developments and policies and presents Libya’s outlook. It is intended for a wide audience, including policymakers, business leaders, financial market participants, and the community of analysts and professionals engaged in Libya.
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