The Central Bank of Libya (CBL) reported today that it has completed the formal handover of the Office of the Governor between the current Governor, Fawzi Abu Khazam, and the former Governor, Naji Issa.

Photographs of the two Governors shaking hands and the outgoing Governor signing documents and receiving commemorative plaques, were published by the CBL.

The CBL reported that the proceedings took place in the presence of several members of the Board of Directors and the Bank’s department heads.

The CBL reported that the ceremony included the signing of an official handover protocol, documenting the transfer of duties and responsibilities and finalizing the established administrative and institutional procedures. This ensures the continuity of operations and the consistent performance of the Bank’s functions, it added.

During the ceremony, the former Governor was also honoured in recognition of his efforts and contributions throughout his tenure.

The CBL said this transition underscores a commitment to the principles of institutional governance, the strengthening of administrative stability, and the assurance that the Bank continues to fulfil its responsibilities and mandates in accordance with applicable legislation.

Comment
It will be recalled, however, that there was nothing institutional about the installation of new Governor Abu Khazam as he was forcefully installed on 22 October in a cloak-and-daggers, coup-like action. The institutional niceties were performed after the old Governor was unceremoniously toppled.

Retrospective institutional niceties
There was no public announcement or debate of the change. And there was certainly no debate in the High State Council nor the House of Representatives. Governor Issa was first replaced – then the appointment of his successor was rubber stamped.

US Federal Reserve
Commentators believe that the powers that be are only going through the motions of institutional procedure now to allay international fears – most prominently the US Federal Reserve.

Abu Khazam a consensus appointment
The only positive thing about the appointment of the new Governor seems to be the fact that he was a consensus choice – so Libya was spared the usual political polarisation and divisiveness that has been associated with the appointment of sovereign positions since the 2011 revolution.