Amid ongoing upheaval, the Tripoli-based Presidential Council has appointed a new board of directors, while banking operations remain suspended.
Reporting from Tripoli, Al Jazeera’s Malik Traina noted that the Central Bank of Libya appears to be in a state of disarray, with no clear authority currently in control.
The Tripoli-based Presidential Council has appointed a new board of directors, but the ongoing turmoil has led to a suspension of most banking activities across the country. People are unable to access their funds or make transactions. “The situation is chaotic,” said Traina. “The new board controls the bank’s building, and the area around the central bank is heavily guarded by the Ministry of the Interior. Despite al-Kabir’s instructions for staff to stay away, the new board has ordered employees to report for work, leaving them deeply confused about their roles.”
Banking transactions have been halted for nearly a week, leaving people unable to transfer money or withdraw funds. Concerns are also growing about potential delays in public employee salaries. “Prices have been rising since the crisis began,” Tripoli resident Amal Dalha told Al Jazeera. “People work to earn their salaries to cover their expenses. Now, with salaries potentially frozen for months, it’s unclear how people will manage.”
Increased Instability
The dispute over the central bank’s control has added another layer of instability to Libya, a country already divided between eastern and western factions backed by Russia and Turkey, respectively.
On Monday, the eastern authorities announced a complete shutdown of all oil fields, terminals, and facilities, though they did not specify the duration of the shutdown.
The UN Support Mission in Libya (UNSMIL) has urged the suspension of unilateral decisions, the lifting of force majeure on oil fields, and the protection of central bank employees. According to Traina, the mission is “meeting with stakeholders” and plans to hold an “emergency meeting with all parties involved” to seek a resolution.
