Libyan–British banking talks in London
Libya – Central Bank of Libya Governor Naji Issa met Bank of England Governor Andrew Bailey — who also chairs the Financial Stability Board and sits on the Bank for International Settlements’ board — at Bailey’s office in London on Wednesday to discuss deeper cooperation with international financial and banking institutions.
The meeting covered current economic and financial developments, economic reform efforts to preserve fiscal sustainability, and an exchange of expertise on banking practice, monetary policy and financial stability, drawing on international experience to raise the efficiency of Libya’s banking sector.
Electronic payments and reserves management
Issa outlined the Central Bank’s plans for financial inclusion, developing electronic payment systems and services, expanding the use of modern payment tools and widening access to banking and financial services. The two sides also discussed managing foreign reserves and assets and international best practice in that field, including options to strengthen the bank’s gold reserves under a balanced policy to diversify assets and support monetary and financial stability.
Praise for the bank’s efforts and continued cooperation
Bailey praised the Central Bank’s efforts and the progress it had made in banking and financial work despite Libya’s political and institutional split, saying that achievement under those conditions reflected institutional efforts to sustain the bank’s performance, develop its systems and services, and support monetary and financial stability.
Both sides stressed the importance of continued contact, expertise exchange and stronger cooperation between the Central Bank of Libya and the Bank of England to build institutional capacity, modernise Libya’s banking sector and deepen its integration into the international financial system.
