Libya's parliament appoints new central bank governor to enhance economic stability

Libya’s eastern parliament has taken a significant step toward strengthening the nation’s financial governance by appointing Naji Mohamed Issa Belqasem as the new central bank governor. This decision comes in the wake of the dismissal of former governor Sadiq al-Kabir, which was announced last month by the presidential council based in Tripoli.

In a unanimous vote, all 108 lawmakers supported Belqasem’s appointment, highlighting a collective commitment to economic reform and stability. Belqasem previously served as the central bank’s director of banking and monetary control, bringing valuable experience to his new role. Alongside him, Mari Muftah Rahil Barrasi has been appointed as his deputy, and together they are expected to establish a new board of directors for the central bank within the next ten days.

This appointment is part of a broader U.N.-facilitated agreement between the parliament and the High Council of State aimed at revitalizing leadership within Libya’s central banking system. The collaborative effort underscores a dedication to enhancing the country’s financial framework and fostering unity among its governing bodies.

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Despite recent tensions surrounding al-Kabir’s removal, the eastern parliament and the Supreme Council of State have emphasized the importance of coordinated actions in managing Libya’s financial institutions. The new leadership is anticipated to address the ongoing economic challenges and improve the allocation of Libya’s oil revenues, benefiting citizens across the country.

Belqasem’s extensive background and fresh perspective could play a crucial role in navigating Libya toward a more prosperous and stable economic future, reinforcing the parliament’s commitment to rebuilding the nation after years of turmoil.