Bin Sharada calls for converting London banking understandings into executive steps
Libya – High State Council member Saad Bin Sharada said the visit by Central Bank of Libya Governor Naji Issa to London, and the understandings that followed with international financial and banking institutions, could mark an important step in addressing the correspondent banking file, one of the core issues facing Libya’s banking sector.
Linking banks to the global financial system
In a post on his Facebook page, Bin Sharada said a strong and trusted correspondent bank would strengthen the link between the Central Bank and Libyan banks and the global financial system, and would facilitate foreign trade and documentary credits.
He added that this would create the conditions to activate international card services such as Visa and Mastercard, and would enhance banks’ ability to track the movement of funds and investments in line with international banking standards.
Trust and investment
He argued that success on this file would not be limited to the technical side, but could improve the image of Libya’s banking sector and strengthen the confidence of international financial institutions in it, with knock-on effects for the business and investment climate.
Restoring that confidence, he said, could encourage British and other private companies and institutions to take a greater interest in the Libyan market, especially in energy, infrastructure and investment.
Bin Sharada expected concrete results from the visit, and for the understandings to turn into executive steps that reconnect Libya’s banking sector more effectively to the international financial system, serving the economy and opening the way for real investment.
