German bank returns to the correspondent banking network
LIBYA – The Central Bank of Libya has announced the resumption of banking relations with Germany’s Commerzbank after a break of more than 10 years. The move followed a meeting on Tuesday between the Central Bank delegation accompanying Governor Naji Issa and Commerzbank executives on the sidelines of the International Monetary Fund and World Bank meetings in Bangkok.
Easing trade and transfers with the European Union
The German delegation included officials responsible for capital markets, financial institutions and emerging markets. The Central Bank’s media office said Commerzbank had rejoined the network of correspondent banks approved to serve the Central Bank and Libyan commercial banks, which it said would facilitate foreign trade and transfers with international markets, particularly the European Union.
Technical talks to rebuild trust
The Central Bank said the step came after a series of technical meetings and intensive contacts aimed at rebuilding trust with global banking institutions, expanding its correspondent banking network and strengthening the Libyan banking sector’s ability to integrate into the international financial system.
A banking partnership halted for more than a decade
It said resuming work with the German bank revives a long-standing banking partnership that had been suspended for more than a decade, adding that recent efforts had helped create the conditions for restoring strategic cooperation.
Governance and anti-money laundering
The meeting reviewed the Central Bank’s reforms in governance, transparency and compliance with international banking standards, as well as its work to strengthen measures against money laundering and terrorist financing, which it presented as the foundations for boosting international confidence.
Developing international transactions
The two sides stressed the importance of developing cross-border financial services and transactions and of strengthening trade and cooperation with European and international banks. The Central Bank described the restoration of relations with Commerzbank as an achievement in rebuilding its partnerships and its global financial presence.
