Rédaction Africa Links 24 with M Abdo
Published on 2024-03-09 13:52:16
The Governor of the Central Bank of Libya (CBL), Al Siddiq al Kabir, recently met with French special envoy to Libya, Paul Soler, and French ambassador, Mustafa Maharaj, at the Elysée in Paris. The focus of the meeting was on the latest developments in the unification of the Central Bank of Libya and efforts to approve a unified budget for the year 2024 in collaboration with the Finance Committee of the Parliament and other stakeholders.
According to CBL, the discussions also revolved around the Libyan monetary authority’s plans for the rationalization of spending to ensure the financial stability and sustainability of the state. The meeting also addressed the measures that the Central Bank intends to take to tackle counterfeit dinars of unknown origin that have been circulating in the national market, affecting the parallel exchange rate where dollars cost almost double the official rate.
Additionally, the meeting highlighted France’s role in supporting the Central Bank of Libya’s efforts to address economic and financial challenges. The collaboration between the two countries aims to strengthen the financial system in Libya and promote economic stability in the region. This partnership underscores the importance of international cooperation in addressing complex financial issues and ensuring the prosperity of nations.
The discussions at the Paris meeting underscored the commitment of both Libya and France to work together towards achieving financial security and economic growth in Libya. The efforts to unify the Central Bank and approve a comprehensive budget demonstrate a step towards improving the financial landscape in the country.
The issue of counterfeit currency circulating in the market poses a significant challenge to the Libyan economy, impacting the exchange rate and overall financial stability. By addressing this issue and implementing measures to prevent the circulation of counterfeit money, the Central Bank aims to safeguard the financial integrity of the country and promote sustainable economic growth.
Furthermore, the support of France in these efforts signifies the importance of international partnerships in addressing economic challenges. Collaboration between nations is essential in overcoming complex financial issues and ensuring the stability and prosperity of countries in the region.
In conclusion, the meeting between the Governor of the Central Bank of Libya and French officials in Paris highlighted the ongoing efforts to strengthen the financial system in Libya, address economic challenges, and promote sustainable growth. Through collaboration and cooperation, both countries aim to create a more stable and prosperous financial environment in Libya, supporting the country’s development and prosperity.
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