Sunday, April 10, 2011

state owned central bank of libya

Wikipedia | The Central Bank of Libya (CBL) is 100% state owned and represents the monetary authority in The Great Socialist People’s Libyan Arab Jamahiriya and enjoys the status of autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya , and to promote the sustained growth of the economy in accordance with the general economic policy of the state.

The headquarter of the Central Bank is in Tripoli. However, to make the CBL services more accessible to commercial banks branches and public departments located far from the headquarter, the CBL has three branches located in Benghazi , Sebha and Sirte.

The CBL started its operations on April 1, 1956 to replace the Libyan Currency committee which was established by the UN and other supervising countries in 1951 to ensure the well being of the Weak and poor Libyan economy. The primary aims of the Libyan Currency committee were to assist Libya in creating a unified currency in all four provinces.

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