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The Central Bank of Libya (CBL) announced on Sunday the suspension of its operations after the abduction of a bank official, adding that activities will remain halted until the official is released. Musab Msallem, the director of the Information Technology Department, was kidnapped by an unidentified party on Sunday morning, according to CBL.
The bank noted that these extrajudicial actions jeopardize the safety of the banking sector, as CDL, being the sole internationally recognized depository for Libyan oil revenues, is vital to the country’s economic restoration.
According to AFP, the abduction followed a week-long siege of the bank by armed groups demanding the resignation of Governor Seddik al-Kaber, who has been heavily criticized for mismanaging oil resources and state fund. Al-Kaber, whose relationship with Tripoli-based Prime Minister Abd Alamid Aldabaiba is strained amid reports that the Prime Minister is seeking his removal, possibly by force, was confirmed as governor on Saturday by the Presidency of the House of Representatives.
Following a meeting with the governor last week, US diplomat Richard Norland condemned these efforts as “unacceptable.” He added that the troubling movements of armed groups around the bank and the threats of ousting Kaber by force could jeopardize Libya’s access to international financial markets.
The country has been divided by power struggles and currently has two rival governments—a UN-recognized one based in Tripoli, and another in the country’s east backed by warlord Gen Khalifa Haftar. Earlier this year, the UN Security Council warned that Libya’s prolonged political deadlock endangers the country’s future, emphasizing that progress towards credible elections is impossible without an agreement between key political players, who maintain conflicting preconditions for talks.
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The bank noted that these extrajudicial actions jeopardize the safety of the banking sector, as CDL, being the sole internationally recognized depository for Libyan oil revenues, is vital to the country’s economic restoration.
According to AFP, the abduction followed a week-long siege of the bank by armed groups demanding the resignation of Governor Seddik al-Kaber, who has been heavily criticized for mismanaging oil resources and state fund. Al-Kaber, whose relationship with Tripoli-based Prime Minister Abd Alamid Aldabaiba is strained amid reports that the Prime Minister is seeking his removal, possibly by force, was confirmed as governor on Saturday by the Presidency of the House of Representatives.
Following a meeting with the governor last week, US diplomat Richard Norland condemned these efforts as “unacceptable.” He added that the troubling movements of armed groups around the bank and the threats of ousting Kaber by force could jeopardize Libya’s access to international financial markets.
The country has been divided by power struggles and currently has two rival governments—a UN-recognized one based in Tripoli, and another in the country’s east backed by warlord Gen Khalifa Haftar. Earlier this year, the UN Security Council warned that Libya’s prolonged political deadlock endangers the country’s future, emphasizing that progress towards credible elections is impossible without an agreement between key political players, who maintain conflicting preconditions for talks.
The post Central Bank of Libya suspends operations after abduction of official by armed groups appeared first on JURIST - News.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.