| Description: | The Central Bank of Libya (CBL) is 100% state ownership and represents the monetary authority in The Great Socialist People’s Libyan Arab Jamahiriya and enjoys the status of autonomous corporate body. The law establishing the CBL stipulates that the objectives of the Central Bank shall be to maintain monetary stability in Libya, and to promote the sustained growth of the economy in accordance with the general economic policy of the state .
Management of the general affairs of the Bank within the policies of the country is entrusted to a Board of Directors consisting of the Governor as chairman, Deputy Governor as Vice-Chairman, and Six other members, who usually represent other financial and economic interests. The Governor is the chief executive officer responsible for the implementation of the policy of the Bank and the management of its affairs; he also represents the Bank in all its relations with other parties.
The CBL started its operations on April 1, 1956 to replace the
Libyan Currency committee which was established in the year 1951 and whose functions were confined to maintaining sterling assets against the issue of local currency, thus having no role in controlling money supply or credit or in supervising banks. |