libya central bank expected to have sanctions lifted
Last Updated : GMT 19:02:00
Arab Today, arab today
Arab Today, arab today

Libya Central bank expected to have sanctions lifted

Arab Today, arab today

Arab Today, arab today Libya Central bank expected to have sanctions lifted

Tripoli - Agencies

Libya's central bank and a subsidiary are expected to have UN sanctions against them lifted on Friday in a move to ease a cash crunch since the country's civil war ended, diplomats said on Wednesday. They said the Central Bank of Libya and the Libyan Foreign Bank (LFB), an offshore institution wholly owned by the central bank, would be taken off the Security Council's sanctions list unless there were objections from council members. When a rebellion broke out in February against leader Muammar Gaddafi, the Security Council froze Libyan assets abroad estimated at $150 billion, but the bulk of that sum remains beyond the reach of the oil-rich country's new rulers. Gaddafi's 42-year rule ended when his forces fled Tripoli in August, and the last of the fighting in Libya ended in October when he was captured and killed by rebels. Yet by late November only about $18 billion in seized assets had been released by special provisions of the Security Council's Libya sanctions committee, and diplomats said only about $3 billion of that had been made available to Tripoli. Last week, senior figures in Libya's new leadership wrote the committee asking it to delist the central bank and LFB. Sanctions against the two bodies and two Libyan investment authorities had been eased but not fully lifted in September. The move was "essential for the economic stability of Libya; for confidence in the banking sector; for the smooth execution and settlement of both domestic and international banking transactions; and to underpin the social and microeconomic stability of the new Libya," said the letter, obtained by Reuters. Frustration at the delay in releasing the assets has been growing inside Libya, where the interim government says it urgently needs the cash to pay the wages of public sector workers and to start re-building state institutions The letter was signed by Central Bank Governor Saddeq Omar Elkaber, Mustafa Abdel Jalil, chairman of the National Transitional Council (NTC), interim Prime Minister Abdurrahim El-Keib and Finance Minister Hassan Ziglam. SILENCE PROCEDURE The freezing of Libyan assets was part of a package of sanctions intended to put pressure on Gaddafi's administration to stop attacking civilian protesters. Diplomats said the sanctions committee chairman, Portuguese Ambassador Jose Filipe Moraes Cabral, had circulated the Libyan letter to the council's 15 member states. In a covering letter he said that under a so-called "silence procedure" the central bank and the LFB would be automatically delisted at 5 p.m. New York time (2200 GMT) on Friday unless there were prior objections from any member. Diplomats said they were unaware of any objections as of Wednesday morning. "I think it won't be a controversial issue," one diplomat said. If there are objections, the matter is expected to be raised at a scheduled council meeting on Libya on December 22, another diplomat said, adding, "Obviously there's quite big money at stake." Libya can generate substantial revenues from oil exports, but these were halted by the conflict and are taking time to restore, leaving a hole in government finances. Diplomats said the delisting of the two banks did not necessarily mean the frozen assets would be instantly available to Tripoli as foreign institutions holding them might seek formal authorization from their governments. Diplomats have said the reason more assets have not been unfrozen is uncertainty over who legally owns them and concerns that in some cases the owners could be Gaddafi, his family or associates. But one diplomat said such concerns were unlikely to arise over the central bank and the LFB. "It's the same technocrats in charge, the same central bank, just under different political leadership," he said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

libya central bank expected to have sanctions lifted libya central bank expected to have sanctions lifted

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

libya central bank expected to have sanctions lifted libya central bank expected to have sanctions lifted

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Banyan Tree Phuket Takes Festive Season

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Top Democrat faces investigation

GMT 09:50 2017 Friday ,17 November

Top Democrat faces investigation
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Angola oil boss sacked by father's protege

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Urban, young and active?

GMT 11:01 2017 Thursday ,16 November

Urban, young and active?
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 09:23 2017 Wednesday ,15 November

Years melt away as Bening & Bell play unlikely lovers

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 10:55 2017 Thursday ,16 November

UN warns fuel running out

GMT 01:04 2017 Wednesday ,15 November

In Morocco, a blue tourist town

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday