Libya’s ongoing power struggle has taken a new turn as the Central Bank becomes entangled in the political conflict. The country, already divided between rival governments in the east and west, now faces a deepening crisis as control over financial resources is fiercely contested. The Central Bank of Libya, traditionally a neutral entity, is being drawn into this dispute, raising concerns about the nation’s financial stability.
Source:- news 18
The conflict between the Tripoli-based Government of National Unity (GNU) and the eastern-based Libyan National Army (LNA) has been escalating, with both sides vying for control over Libya’s vast oil revenues. The Central Bank, responsible for managing these revenues, has found itself at the center of the dispute. Recently, the bank’s governor, Sadiq al-Kabir, has faced mounting pressure from both factions, with each seeking to influence the bank’s decisions to their advantage.
Source:- news 18
The struggle over the Central Bank is not just about financial control but also about legitimacy and power. The GNU, recognized by the United Nations, claims authority over the bank, while the LNA, backed by a parallel government in the east, seeks to assert its influence over financial matters. This tug-of-war has led to concerns that the bank could be split, further deepening the country’s divisions.
The situation is particularly precarious because Libya’s economy heavily depends on oil revenues, which are managed through the Central Bank. Any disruption in the bank’s operations could have severe consequences for the country’s fragile economy, potentially leading to a further decline in living standards and exacerbating the humanitarian crisis.
As the power struggle intensifies, there is growing international concern about the potential for renewed conflict. The involvement of the Central Bank in this dispute underscores the fragility of Libya’s institutions and the challenges the country faces in achieving lasting peace and stability.
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