UN: Libya’s rival factions reach compromise on appointing new leadership at central bank

Libya’s two rival governments have reached a preliminary agreement on appointing new leadership for the country’s central bank, according to the United Nations Support Mission in Libya (UNSMIL), as reported by Bloomberg.

Representative from Libya’s Tripoli and Benghazi based governments reportedly signed an agreement laying out the procedures, criteria and timeline for appointing a governor, deputy governor and board of directors for the central bank. 

According to the Libya Observer, the two sides have agreed to nominate Naji Issa as governor and Marie Al-Barasi as deputy governor.

The agreement marks a turning point in a crisis triggered by the ouster of former central bank governor Sadiq Al-Kabir by the western backed government of Tripoli. Libya’s eastern government responded by severely cutting oil output imperiling Libya’s economy and political future. 

UNSMIL has announced that a formal signing ceremony is scheduled for Thursday. Once the agreement is signed, the nomination process is expected to take about a week, with Issa and Al-Barasi anticipated to assume their roles within two weeks, according to The Libya Observer.