Libyan–US financial talks in Bangkok
LIBYA – Central Bank of Libya Governor Naji Issa and his accompanying delegation met an official delegation from the US Federal Reserve on Tuesday, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in the Thai capital, Bangkok.
Monetary stability challenges and international cooperation
The two sides discussed developments in Libya’s economy and financial sector, the exceptional challenges facing the Central Bank and its efforts to maintain monetary and financial stability. They also discussed ways to coordinate cooperation with US financial institutions to strengthen the reputation of Libyan banks and international institutions’ confidence in their transactions.
Review of suspicious transactions with K2 Integrity
The meeting reviewed the results of joint work between K2 Integrity and a Central Bank team to strengthen the screening and auditing of financial transactions and to detect suspicious operations linked to requests for letter-of-credit cover. It also discussed widening the review team’s remit, in coordination with local and international parties, to boost transparency and compliance and to address illicit practices that took place in previous years.
Goods smuggling and anti-money laundering
The meeting addressed cross-border goods smuggling and the circumvention of trade and banking procedures, and their impact on the foreign-exchange market and the economy. It also covered the development of anti-money laundering and counter-terrorist financing procedures and stronger oversight in line with international standards.
Praise for resumed foreign-currency imports
According to the statement, the Federal Reserve delegation praised the Central Bank’s efforts to improve the credibility of Libyan banks and to resume imports of foreign currency after years of suspension, distributing it to citizens across the country through commercial banks under organised procedures with no recorded breaches. The delegation said this showed an improved ability to carry out large-scale financial and logistical operations.
Continuing banking-sector reform
The delegation stressed the importance of continued cooperation and of supporting the Central Bank’s reforms on governance, transparency and addressing accumulated shortcomings, as part of a strategy to expand its relations with international financial institutions, protect monetary and financial stability and deepen integration into the global financial system.
