During its Fifth Regular Board meeting of 2026 held yesterday in Tripoli, the Board of Directors of the Central Bank of Libya (CBL) discussed initiatives to strengthen institutional governance, develop banking services, support electronic payment systems, and enhance cybersecurity to protect the digital infrastructure of the banking sector.

The Board, the CBL stated, had decided to establish an Audit and Risk Committee to bolster oversight and supervisory functions, monitor financial reports, and mitigate risks in line with best practices.

It also approved the formation of a Monetary Policy Committee—comprising a select group of academic and professional experts—tasked with refining monetary decision-making tools and improving the efficacy of implemented policies.

Furthermore, the Board directed the continued development and expansion of electronic payment systems to reduce reliance on physical cash and enhance the quality of banking services.

Regarding foreign exchange and documentary credits, the meeting emphasized the need for coordination with executive authorities concerning the import budget. This is intended to ensure that resources are directed toward covering essential goods and services—particularly with the approach of the holy month of Ramadan—thereby supporting exchange rate stability and safeguarding financial reserves.

The CBL underscored the importance of ongoing coordination with the executive branch regarding public expenditure, as well as intensifying efforts to unify the general budget and implement parallel economic reforms. These measures aim to improve the efficiency of financial resource management and strengthen fiscal discipline.

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