Madar (Tripoli) - The Board of Directors of the Central Bank of Libya (CBL) decided at its fifth regular meeting of 2026, held on Wednesday, October 28, in Tripoli, to establish an Audit and Risk Committee and approved the formation of a Monetary Policy Committee, the Libya Herald reported on Thursday, October 29, 2026, citing a statement from the bank.
According to the statement, the Audit and Risk Committee is meant to strengthen oversight and supervision, monitor financial reports and mitigate risks in line with best practice. The Monetary Policy Committee, made up of academic and professional experts, will refine monetary decision-making tools and improve the effectiveness of policies being implemented.
The board discussed initiatives to strengthen institutional governance, develop banking services and protect the banking sector's digital infrastructure against cyber risks. It directed the continued development and expansion of electronic payment systems to reduce reliance on cash.
On foreign exchange and letters of credit, the meeting stressed the need for coordination with the executive authorities on the import budget, so that resources go to essential goods and services, particularly as Ramadan approaches, in support of exchange-rate stability and reserves.
The bank also stressed continued coordination with the executive on public spending and stepped-up efforts to unify the general budget and carry out parallel economic reforms, the same source said.
