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; who 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 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 nor in supervising banks. April 1 is the 91st day of the year (92nd in leap years) in the Gregorian calendar, with 274 days remaining. ... 1956 (MCMLVI) was a leap year starting on Sunday of the Gregorian calendar. ... 1951 (MCMLI) was a common year starting on Monday; see its calendar. ... Sterling may refer to: Sterling (car), a British automobile manufacturer. ...

The headquarter of the Central Bank is in Tripoli. However, to make the CBL services more accessible to commercial banks branches and public departments located far from the headquarter, the CBL has three branches located in Benghazi , Sebha and Sirte. This page refers to Tripoli, the capital of Libya. ... Benghazi (Arabic بنغازي, transliterated Banġāzī) is a seaport in Libya, Africa. ... Sabha is an important city in southern Libya. ... This article is about the municipality of Libya. ...

Functions

The functions of the CBL have grown since its establishment, and now include the following :

• Issuing and regulating banknotes and coins in Libya.

• Maintaining and stabilizing the Libyan currency Internally and externally.

• Maintaining and managing the official reserves of gold and foreign exchange.

• Regulating the quantity, quality and cost of credit to meet the requirements of economic growth and monetary stability.

• Taking appropriate measures to deal with foreign or local economic and financial problems;

• Acting as a banker to the Commercial banks;

• Supervising Commercial banks to ensure the soundness of their Financial position and protection of the rights of depositors and shareholders.

• Acting as a banker and fiscal agent to the state and public entities.

• Advising the state on the formulation and implementation of financial and economic policy.

• Supervising foreign exchange.

• Carrying out any other functions or transactions normally performed by central banks, as well as any tasks charged to it under the Law of banking and currency and credit or any international convention to which the state is a party ;

• Managing and issuing all state loans.

The Libyan dinar is the legal currency of Libya. ... Foreign exchange has several meanings: In telecommunications, Foreign exchange service is a type of network service. ...

External link

• Central Bank of Libya