- Central Bank of Libya
Infobox Central bank
bank_name_in_local = مصرف ليبيا المركزي
currency_iso = LYD
website = [http://www.cbl-ly.com/ www.cbl-ly.com]
preceded =Libyan Currency Committee
The Central Bank of Libya (CBL) is 100% state owned and represents the monetary authority in
The Great Socialist People’s Libyan Arab Jamahiriyaand enjoys the status of autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bankshall be to maintain monetary stability in Libya, and to promote the sustained growth of the economy in accordance with the general economic policy of the state.
The headquarter of the Central Bank is in
Tripoli. However, to make the CBL services more accessible to commercial banks branches and public departments located far from the headquarter, the CBL has three branches located in Benghazi, Sebhaand Sirte.
The CBL started its operations on
April 1, 1956to replace the Libyan Currency committeewhich was established by the UNand other supervising countries in 1951to ensure the well being of the Weak and poor Libyan economy. The primary aims of the Libyan Currency committee were to assist Libya in creating a unified currency in all four provinces.
The governing structures of the Bank are:
# The Governor.
# The Deputy Governor.
# The Governing Council.
Management of the general affairs of the Bank within the policies of the country is entrusted to a Board of Directors consisting of the Governor as chairman, Deputy Governor as Vice-Chairman, and Six other members, who usually represent other financial and economic interests.
The tasks of the Governor include:
* Direct the Bank and preside over the Governing Council and Executive Commission.
* Take primary responsibility for the Bank fulfilling its responsibilities and for doing so in a lawful manner.
* The Governor has ultimate authority over bank contracts and other legal documents
* The Bank's representation before tribunals of justice.
* The representation of the Bank in all its relations with other parties.
The functions of the CBL have grown since its establishment, and now include the following :
* Issuing and regulating banknotes and coins in
* Maintaining and stabilizing the Libyan currency Internally and Locally.
* Maintaining and managing the official reserves of gold and foreign exchange.
* Regulating the quantity, quality and cost of credit to meet the requirements of economic growth and monetary stability.
* Taking appropriate measures to deal with foreign or local economic and financial problems;
* Acting as a banker to the Commercial banks;
* Supervising Commercial banks to ensure the soundness of their Financial position and protection of the rights of depositors and shareholders.
* Acting as a banker and fiscal agent to the state and public entities.
* Advising the state on the formulation and implementation of financial and economic policy.
* Supervising foreign exchange.
* Carrying out any other functions or transactions normally performed by central banks, as well as any tasks charged to it under the Law of banking and currency and credit or any international convention to which the state is a party ;
* Managing and issuing all state loans.
List of banks in Libya
* [http://www.cbl-ly.com/ Central Bank of Libya official site]
Wikimedia Foundation. 2010.
Look at other dictionaries:
Central Bank of Libya — Zentralbank Libyens Central Bank of Libya مصرف ليبيا المركزي … Deutsch Wikipedia
Central Bank of Somalia — Bankiga ee Dhexe ee Soomaaliya البنك المركزي في الصومال Headquarters … Wikipedia
Central Bank of Iraq — البنك المركزي العراقي The Central Bank of Iraq, guarded by U.S. troops in … Wikipedia
Central Bank of the Dominican Republic — The Central Bank of the Dominican Republic (Spanish: Banco Central de la República Dominicana, BCRD) was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic, responsible for regulating the country s… … Wikipedia
Central Bank of Nigeria — Central Bank of Nigeria … Wikipedia
Central Bank of Cyprus — Kεντρική Τράπεζα Κύπρου (Greek) Kıbrıs Merkez Bankası (Turkish) … Wikipedia
Central Bank of Montenegro — Centralna Banka Crne Gore … Wikipedia
Central Bank of the Democratic People's Republic of Korea — 조선민주주의인민공화국중앙은행 Joseon Minjujueui Inmin Gonghwaguk Jungang Eunhaeng Headquarters Pyongyang Central bank of Democratic People s Republic of Korea Currency North Korean won ISO 4217 Code … Wikipedia
Central Bank of Azerbaijan — Azərbaycan Mərkəzi Bankı Central Bank of Azerbaijan Headquarters … Wikipedia
Central bank — Part of a series on Government Public finance … Wikipedia