Unification of Central Bank of Libya discussed with Basel Committee

The Governor of the Central Bank of Libya, Al-Siddiq Al-Kabir, and his deputy, Marie Al-Barasi, presented a briefing to the Secretary-General of the Basel Committee for Banking Supervision, and his deputy, on the steps taken to unify the Central Bank.

The meeting, which was held at the committee’s headquarters at the Bank for International Settlements in Basel, Switzerland, touched on the role of the Banking and Monetary Supervision Department in implementing the standards and requirements issued by the Basel Committee, in addition to the measures taken within the framework of governance in the banking sector, developing databases, and launching a platform for reports as well as closing of the final accounts of commercial banks.

The Central Bank said that the members of the Basel Committee expressed their appreciation for the efforts made by the Central Bank of Libya, and being updated with the latest developments and standards issued and expressed their readiness to support the bank’s efforts in particular.

On Thursday, Al-Kabir and Al-Barasi discussed with officials of the Bank for International Settlements, the file of unifying the Central Bank of Libya, in addition to developments in banking services, asset and reserve management, development of investment tools and fields, and the role of the Central Bank in maintaining the financial sustainability of the state, according to a statement by the bank.

The meeting touched on the efforts of the Banking and Monetary Supervision Department to comply with international standards issued by the Basel Committee on Banking Supervision, and the vision of the Central Bank of Libya to develop a strategy for financial inclusion and financial technology.

The Basel Committee is a committee of banking supervision bodies established in 1974. It consists of 45 members and aims to enhance understanding of key supervisory issues and improving the quality of banking supervision around the world. The committee sets guidelines and standards in various areas.


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