Libya Faces Crisis Over Central Bank Control

Libya is facing a deepening crisis as rival factions vie for control over the Central Bank of Libya (CBL), exacerbating economic instability and disrupting everyday transactions. The CBL governor, Sadiq al-Kabir, has resisted attempts by the Presidency Council to replace him, creating confusion and uncertainty in banking operations, leading to unpaid state salaries and fluctuating exchange rates. The United Nations is facilitating discussions between rival political leaders to resolve the crisis, although no consensus has been reached yet. As oil exports remain largely blocked by eastern factions, the economic situation is deteriorating, impacting citizens' livelihoods. Analysts warn that without a resolution, the crisis could worsen, further straining Libya's already fragile economy. The UN has called for cooperation among all parties to avoid unilateral actions and emphasizes the vital need for a stable banking system.