Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2025

Daily Sabah - Latest & Breaking News from Turkey | Istanbul

  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

Libya fires powerful central bank governor as deep divisions persist

by Associated Press

CAIRO, Egypt Aug 20, 2024 - 11:42 am GMT+3
The Central Bank of Libya is seen in Benghazi, Libya, Sept. 23, 2020. (Reuters Photo)
The Central Bank of Libya is seen in Benghazi, Libya, Sept. 23, 2020. (Reuters Photo)
by Associated Press Aug 20, 2024 11:42 am

Libya's authorities dismissed the country's influential central bank governor, a sudden decision that is likely to escalate tensions in the already divided North African nation.

The presidential council in the capital of Tripoli, which is allied with the government of Prime Minister Abdul Hamid Dbeibah that controls western Libya, removed Governor Sadiq al-Kabir, according to a decree issued late Sunday.

In his place, the council appointed Mohamed Abdul Salam al-Shukri as the new governor for the Central Bank of Libya, an economist and former deputy governor.

Al-Kabir had led the central bank since October 2011 – the year that Libya was plunged into chaos after a NATO-backed uprising toppled longtime dictator Moammar Gadhafi.

During that time, he accumulated significant influence and power but also faced criticism from officials on both sides of the country's political divide in allocating Libya's oil money. In recent months, that criticism has turned into calls for his removal.

There was no immediate comment from al-Kabir.

Oil-rich Libya has been split between a U.N.-supported government in the capital, Tripoli, and rival authorities based in the east. Each side has been backed by different armed groups and foreign governments.

The central bank is the repository for billions of dollars annually in oil revenue as well as foreign reserves. In 2014, it splintered along the country’s political fault lines. Its internationally recognized headquarters remain in Tripoli, while an eastern branch allied with putschist Gen. Khalifa Haftar was set up in Benghazi.

However, Libya's east-based parliament and the Supreme Council of State, an advisory body based in Tripoli, called al-Kabir's removal illegitimate. The two bodies should also have a say in who is appointed to the position – a decision that shouldn't be up to the presidential council alone.

That's according to interim regulations agreed to under U.N.-backed talks meant to oversee the country's reunification.

  • shortlink copied
  • Last Update: Aug 20, 2024 1:26 pm
    KEYWORDS
    libyan economy libya libya conflict libya crisis central bank libyan central bank
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Tokyo 2020 officially hits off with opening ceremony
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • DS TV
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021