Libya Central Bank Governor Meets US Treasury Official in Bangkok

Meeting Overview

According to the Central Bank of Libya, Governor Naji Issa met today with Eric Meyer, the United States Assistant Secretary of the Treasury, and his delegation on the sidelines of the Annual Meetings of the International Monetary Fund and the World Bank held in Bangkok, Thailand.

Policy Coordination and Banking Reforms

The discussions covered the latest economic, financial and political developments in Libya and efforts to implement the unified public spending agreement, with emphasis on coordinating fiscal and monetary policies and strengthening fiscal discipline to support economic and financial stability and the sustainability of state finances.

The two sides also addressed steps to enhance transparency, governance and compliance in the banking sector, including the Central Bank of Libya’s initiative to review issued documentary credits and verify their conformity with approved regulations, procedures and standards, a process carried out in cooperation with K2 Integrity.

They examined measures needed to detect violations or illicit practices and to apply appropriate legal and punitive actions in line with relevant legislation.

Combating Illicit Flows

In a related context, the meeting addressed the challenges posed by the smuggling of goods and fuel, the resulting illicit financial flows and their negative impact on macroeconomic indicators, especially the foreign exchange market.

Both officials stressed the importance of strengthening coordination and cooperation to combat such activities, mitigate their effects on monetary and financial stability and protect state resources and the national economy.

US Support and Commendation

At the conclusion of the meeting, the Central Bank of Libya reported that the US Assistant Secretary of the Treasury commended Governor Issa’s efforts to maintain fiscal sustainability and bolster monetary and financial stability despite the exceptional challenges facing Libya and the region, acknowledging progress in the economic and banking reform process.

He also reaffirmed the United States’ continued support for the independence of the Central Bank of Libya and its leadership, and backed efforts to consolidate financial and monetary stability, enhance governance and transparency and enable the bank to fulfil its national duties and responsibilities during this critical period.