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Green light on audit of Libya’s two CBL branches

The Address | Benghazi – Libya

TRIPOLI – The long-delayed international audit of Libya’s two Central Bank branches, in Tripoli and in Al Bayyadah, is finally going ahead, Bloomberg reports.

According to Bloomberg, the audit of the bank in Tripoli, which handles billions of dollars annually in oil revenues, is to be conducted by Deloitte. Western and Libyan officials had accused the Tripoli-based bank Governor Sadiq Al-Kabir of obstructing the audit after he referred a check to pay for the review to the Libyan Audit Bureau, which held it up on technical grounds.

On Wednesday, the Libyan prosecution was informed that the payment had finally gone through, a day after state prosecutor Sadiq Al Sour addressed Kabir and Audit Bureau head Khaled Shakshak to demand that the payment for the audit be processed, a source in the prosecution office told Bloomberg.

In his letter, Sour said the delay was obstructing a prosecution investigation into money laundering.

The Central Bank of Libya is currently divided into two branches. One is affiliated with authorities in eastern Libya and the other is affiliated with authorities in the west of the country.

In November 2018, former UN envoy, Ghassan Salamé, announced at the Palermo Conference on Libya that Tripoli-based CBL governor Kabir and Al Bayyadah-based CBL governor, Ali Al-Hibri, had agreed to start a financial audit of both branches, which would pave the way to unify Libya’s state bank.

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