After more than a decade, Commerzbank is set to rejoin the Central Bank of Libya's approved correspondent network. The CBL says the move is intended to ease trade and international transfers, especially with the EU.
Libyan Central Bank officials met Commerzbank executives in Bangkok during the annual meetings of the International Monetary Fund and the World Bank. The talks set the stage for restoring a banking channel suspended for more than a decade.
In its 13 October announcement, the Central Bank of Libya said Commerzbank would rejoin its approved correspondent bank network. The CBL said the channel is intended to facilitate foreign trade and financial transfers between Libya and international markets, particularly the European Union.
Executives responsible for capital markets attended the meeting. Colleagues overseeing financial institutions also took part, alongside staff responsible for emerging markets. They met a delegation accompanying CBL Governor Naji Mohamed Issa. The renewed relationship is also intended to give Libyan commercial banks access to the correspondent channel.
For Libyan businesses, correspondent banking can connect domestic accounts to payment networks abroad through partner institutions. The CBL says renewed cooperation should improve cross-border transactions and banking services, supporting international transfers and foreign trade.
The discussions covered governance and transparency. They also addressed compliance with international banking standards, including systems to combat money laundering and terrorist financing. The CBL said technical discussions and engagement with international banks led to the restoration of ties.
The Commerzbank announcement came amid wider international engagement by the Libyan central bank. Issa began a series of meetings in Bangkok on 12 October, during the IMF and World Bank annual meetings. The following day, he also met a US Federal Reserve delegation to discuss cooperation and international confidence in Libya's banking sector.
The CBL is pursuing separate reforms with the IMF. In October, the two agreed on technical assistance for risk-based banking supervision. They also agreed to review Libyan legislation, including the anti-money laundering and counter-terrorist financing law, as well as an updated banking law.
Planned cooperation also covers payment systems. Financial inclusion is another area of work, alongside monetary-policy tools. Banking supervision is included as well.
The IMF and CBL scheduled staff training for the fourth quarter of 2026. The sessions will cover monetary statistics and balance-of-payments statistics. They will also address foreign-reserve management and financial stability. A CBL self-assessment under the Central Bank Transparency Code was due to begin in October.
The banking announcement is separate from the digital agenda in Libya's US cooperation framework. That document identified potential work on infrastructure and cybersecurity, while leaving funding and delivery timing undecided.
The CBL says the restored relationship could support broader cooperation with European and other international financial institutions. The practical scope of transactions will depend on compliance checks and whether Libyan commercial banks participate.
