Naji Belqasem Appointed Central Bank Governor in Libya

Libya's eastern parliament has unanimously appointed Naji Mohamed Issa Belqasem as the new governor of the Central Bank, along with Mari Muftah Rahil Barrasi as his deputy, following a decade-long stalemate over the bank's leadership. This decision is part of a U.N.-facilitated agreement aimed at resolving political disputes and restoring oil production, which has significantly declined due to previous conflicts over the central bank's governance. The new appointments are expected to lead to the formation of a new board of directors within ten days, facilitating the reopening of oil wells blocked by eastern authorities. The appointment comes after the dismissal of the former governor, Sadiq al-Kabir, which was criticized as illegitimate by the eastern parliament. The Presidency Council in Tripoli has also announced the suspension of a controversial tax on foreign currency sales, a move that could alleviate some economic pressures. This development is seen as a critical step toward stabilizing Libya's economy and energy sector.