Libya: reunification of the two rival branches of the Central Bank

The Central Bank of Libya reunites its two branches to restore stability in a country marked by division. This reconciliation is a significant turning point, seeking to unify the sovereign institution to better manage oil resources and revitalize monetary policy.

Share:

The Central Bank of Libya, separated into two branches, announced its reunification on Sunday in this country plagued by divisions and security chaos for over a decade.

New Chapter for Libya’s Central Bank: Two Branches Reunited

The Central Bank of Libya (CBL) has “once again become a unified sovereign institution”, the governor and his deputy announced in a statement, saying they were “continuing efforts to overcome the consequences of the division” into two branches.

Al-Seddik al-Kebir, governor of the CBL (Central Bank of Libya), based in Tripoli (west), and Marii Moftah Rahil, governor of the rival branch based in the east. They made the announcement after an “extended meeting, attended by directors and consultants” from both branches. According to the press release. In the wake of this reunification, Mr Rahil became “deputy governor”.

Libya is the African country with the most abundant oil reserves. Hydrocarbon revenues are managed by Tripoli’s CBL. It decides on the allocation of funds to various state bodies, including the government. Two governments have been battling for power in Libya for the past year. That of the West, led by Abdelhamid Dbeibah, and that of the East, backed by the powerful Marshal Khalifa Haftar.

“This is an important step towards improving the performance of this sovereign institution,” Mr Dbeibah enthused on Facebook, reiterating his government’s commitment to “strengthening transparency and information procedures”.

Banking Reunification in Libya: Restoring Monetary Stability

A unification process had been launched in December 2021 within the central bank. Split since 2014, like many other state institutions due to power struggles between rival camps. The CBL in Tripoli was recognized by the international community. Like the Tripoli government, which is not recognized by the UN. Another branch was based in Bayda (east).

The existence of two competing branches has hampered the implementation of a single monetary policy. The Libyan dinar has fallen sharply since the 2011 revolt and the fall of Muammar Gaddafi’s regime. In July 2020, the UN had announced that it had finalized the process to launch an independent international audit of the two branches. It was seen as a major step towards reunification.

  • Populaires ​
Shell ships first LNG cargo from its LNG Canada facility
Ignitis begins construction of three energy storage parks in Lithuania
TotalEnergies acquires 1.5 GW of AES renewable assets in the Caribbean
Dalinar Energy wins recommendation to acquire Citgo with $7.38bn bid
Japan and Siemens Gamesa sign strategic offshore wind agreement
France anticipates significant slowdown in emission reductions starting in 2025
French greenhouse gas emissions are expected to rise by 0.2% in the first quarter of 2025, indicating a global slowdown in reductions forecast for the full year, according to Citepa, an independent organisation responsible for national monitoring.
U.S. Senate Approves Accelerated End to Renewable Energy Tax Credits
The Republican budget bill passed by the U.S. Senate accelerates the phase-out of tax credits for renewable energies, favoring fossil fuels and raising economic concerns among solar and wind industry professionals.
Brazil: renewable energy curtailment to jump by 300% by 2035
Rapid growth in solar and wind capacities will lead to a significant rise in electricity curtailment in Brazil, as existing transmission infrastructure remains inadequate to handle this massive influx of energy, according to a recent study by consulting firm Wood Mackenzie.
South Korea reduces its dependence on fossil fuels below 50%
In April 2025, fossil fuels represented 49.5% of South Korea's electricity mix, dropping below the symbolic threshold of 50% for the first time, primarily due to a historic decline in coal-generated electricity production.
US Senate adopts tax neutrality for advanced biofuels
The US Senate Finance Committee modifies the '45Z' tax credit to standardize the tax treatment of renewable fuels, thereby encouraging advanced biofuel production starting October 2025.
Renewable energy: access improving, but financing still insufficient for Africa
According to the 2025 report on global energy access, despite notable progress in renewable energy, insufficient targeted financing continues to hinder electricity and clean cooking access, particularly in sub-Saharan Africa.
China and the United States improve their energy performance in an unstable global context
While advanced economies maintain global energy leadership, China and the United States have significantly progressed in the security and sustainability of their energy systems, according to the World Economic Forum's annual report.
Algeria and Angola strengthen energy cooperation at US–Africa summit
On the sidelines of the US–Africa summit in Luanda, Algiers and Luanda consolidate their energy collaboration to better exploit their oil, gas, and mining potential, targeting a common strategy in regional and international markets.
UK urged to accelerate electricity price reforms
The UK's Climate Change Committee is urging the government to quickly reduce electricity costs to facilitate the adoption of heat pumps and electric vehicles, judged too slow to achieve the set climate targets.
Brussels expands subsidies for low-carbon technologies and nuclear power
The European Commission will extend until the end of 2030 an expanded state-aid framework, allowing capitals to fund low-carbon technologies and nuclear power to preserve competitiveness against China and the United States.
Japan Faces Major Electricity Shortfall of 89 GW by 2050
Japan's grid operator forecasts an energy shortfall of up to 89 GW by 2050 due to rising demand from semiconductor manufacturing, electric vehicles, and artificial intelligence technologies.
EU Approves Targeted Energy Aid for Europe’s Heavy Industries
Energy-intensive European industries will be eligible for temporary state aid to mitigate high electricity prices, according to a new regulatory framework proposed by the European Commission under the "Clean Industrial Deal."
Mauritius launches international tender for floating power plant
Mauritius seeks international investors to swiftly build a floating power plant of around 100 MW, aiming to secure the national energy supply by January 2026 and address current production shortfalls.
Spain and Portugal Strengthen Networks Following April Blackout
Madrid announces immediate energy storage measures while Lisbon secures its electrical grid, responding to the historic outage that affected the entire Iberian Peninsula in late April.
Indonesia Commits 190 Billion USD to Expand Energy Capacity by 2034
Indonesia has unveiled its new national energy plan, projecting an increase of 69.5 GW in electricity capacity over ten years, largely funded by independent producers, to address rapidly rising domestic demand.
France: Moratorium on renewables; warning about immediate industrial impact
French Minister Agnès Pannier-Runacher condemns the parliamentary moratorium on new renewable energy installations, warning of the potential loss of 150,000 industrial jobs and increased energy dependence on foreign countries.
New European Battery Regulation Disrupts Europe’s Industrial Sector
The European battery regulation, fully effective from August 18, significantly alters industrial requirements related to electric cars and bicycles, imposing strict rules on recycling, supply chains, and transparency for companies.
European Parliament urges Brussels to act on energy grids
The European Parliament calls on the Commission to strengthen energy infrastructure and accelerate the implementation of the Clean Industrial Deal to enhance the continent's energy flexibility and security amid increased market volatility.
Europe Commits Major Investments to Electricity Grids and the Clean Industrial Deal
The European Commission unveils an ambitious plan to modernize electricity grids and introduces the Clean Industrial Deal, mobilizing hundreds of billions of euros to strengthen the continent's industrial and energy autonomy.
Wood Mackenzie highlights advantage of regulated utilities amid data centre boom
In the United States, regulated electric grid operators hold a decisive advantage in connecting new data centres to the grid, now representing 134 GW of projects, according to a Wood Mackenzie report published on June 19.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS