Presidium of Libyan deputies makes crucial move to restore economic stability
Date
10/22/2024 8:14:34 AM
(MENAFN) On Monday, the Presidium of the Libyan deputies made a crucial move to restore economic stability by appointing new members to the Board of Directors of the Central bank of Libya. This decision comes on the heels of a lengthy economic crisis that has plagued the nation and its citizens.
The appointed members include Dr. Fakher Muftah Boufrana, Wissam Al-Saadi Al-Kilani Al-Saadi, Dr. Fawzi Mesbah Ali Bukhozam, Reda Mohammed Saeed Qarqab, Amer Mohammed Karkar, and Ali Awad Ali Imran. In response to this important development, the Central Bank of Libya expressed its support for the decision made by the Presidency of the House of Representatives. A statement on the bank’s official Facebook page highlighted its readiness to begin its duties under the new leadership, underscoring the Board’s commitment to fulfilling its legal responsibilities and enacting necessary structural reforms to improve monetary policy in alignment with the hopes of the Libyan people.
This appointment, formalized as Decision No. 17 of 2024, establishes a three-year term for the new members, in line with Law No. 1 of 1993, which regulates Banking, Money, and Credit within the country.
Mesbah Douma, the second deputy speaker of the Libyan House of Representatives, took to the social media platform "X" to comment on the resolution. He noted that the formation of the new Board of Directors is anticipated to positively influence the country’s economic landscape. Douma acknowledged that this development is the result of collaborative efforts from the exchange rate study committee, comprising various officials and economic experts. He expressed hope for the establishment of a new government that would oversee forthcoming elections, aligning with the broader desires of the Libyan populace.
This appointment is a critical turning point for Libya as it strives to rebuild economic confidence and restore trust in its financial institutions, marking a significant step toward recovery and future development.
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