Libya’s powerful central bank governor is fired as country's deep divisions persist

Date:

Share post:


CAIRO — Libya’s presidential council has fired the powerful central bank governor in an abrupt move that is likely to further fuel tensions in the deeply divided North African country.

The council, which has a ceremonial powers, named Mohamed Abdul Salam al-Shukri as the new governor for the Central Bank of Libya, replacing Sadiq al-Kabir, according to a decree issued late Sunday. Al-Shukri is an economist and former deputy governor of the central bank.

The Tripoli-based council is allied with the government of Prime Minister Abdul Hamid Dbeibah in western Libya.

There was no immediate comment from al-Kabir, who led the central bank since October 2011 — the year that Libya was plunged into chaos after a NATO-backed uprising toppled longtime dictator Moammar Gadhafi.

The oil-rich country has been split between a U.N.-supported government in the capital, Tripoli, and rival authorities based in the east. Each side has been backed by armed groups and foreign governments.

The Central Bank is the repository for billions of dollars annually in oil revenue as well as foreign reserves. In 2014, it splintered along the country’s political fault lines. Its internationally recognized headquarters remain in Tripoli, while an eastern branch allied with military commander Khalifa Hifter was set up in Benghazi.

The east-based parliament and the Supreme Council of State, an advisory body based in Tripoli, called the firing illegitimate. The two bodies are mandated to appoint chiefs of Libya’s sovereign bodies including the central bank governor, according to a constitutional document governing the country.

The east-based House of Representatives earlier appointed al-Shukri as a central bank governor in a decision that was not implemented, and the parliament rescinded it this month.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Former Federal Reserve adviser indicted and arrested for alleged espionage in dealings with China

Federal authorities have arrested a former Federal Reserve senior adviser for allegedly giving inside economic information to...

Costco, Teamsters reach tentative contract agreement, avoiding a strike

Costco and the Teamsters union have reached a tentative agreement on a new contract, avoiding a strike,...

Many families find the American dream out of reach as home prices high

The Petersen family’s two-bedroom apartment in northern California is starting to feel small. Four-year-old Jerrik's toy monster...

McDonald's settles lawsuit over Latino scholarship program by opening door to non-Latino applicants

McDonald’s said Friday it is changing — but not eliminating — a scholarship program for Latino students...

White House says Trump tariffs on Canada, Mexico and China will come Saturday. No word on exemptions

WASHINGTON -- President Donald Trump will put in place 25% tariffs on imports from Canada and Mexico...

In win for Trump, oil giant Shell walks away from major New Jersey offshore wind farm

In the first serious fallout from President Donald Trump's early actions against offshore wind power, oil and...

Boats return to the Potomac River for DC plane crash recovery and investigation

ARLINGTON, Va. -- Police boats combed the banks of the Potomac River on Friday morning, moving slowly...

Walgreens suspends dividend, breaking 90-plus year streak of shareholder payouts

Shares of Walgreens dove early Friday, a day after the drugstore chain said it was suspending its...