Libya appoints Naji Mohamed Issa Belqasem as New Central Bank Governor

Agreement between Benghazi and Tripoli brings hope for an end to financial crisis

 

Libya has taken a significant step toward resolving its prolonged financial crisis. On September 26, under the auspices of the United Nations, an agreement was reached between the rival authorities in Benghazi and Tripoli, appointing Naji Mohamed Issa Belqasem as the new governor of the Central Bank of Libya (CBL).

 

Belqasem, formerly the director of the CBL’s Monetary Control Department, assumes this critical role at a time when Libya’s economy is struggling. He will be joined by Morai Moftah Rahel al-Borôssi, who has been serving as deputy governor since 2023.

 

This new leadership team is expected to bring much-needed stability to the management of Libya’s oil revenues, which have been at the center of recent disputes.

 

The crisis escalated in August when the Benghazi-based government halted oil production and exports in response to the ousting of former governor Seddik el-Kebir.

 

This led to a dramatic decline in exports, dropping to just 400,000 barrels per day, a sharp fall from the usual output of one million barrels per day.

 

The agreement between the two factions is seen as a crucial step toward restoring Libya’s oil sector, which is vital to the country’s economy.

 

The appointment of Belqasem and his deputy still requires parliamentary approval, a decision expected in the coming days.

 

Posts Grid

Neymar’s Injury forces withdrawal from Brazil’s World Cup Qualifiers

Neymar’s hopes of returning to the Brazilian national team have been dashed after a recurring injury forced him to withdraw from the 2026 World Cup...

Football/ Champions League quarterfinals take shape after thrilling second legs

The UEFA Champions League 2024/2025 round of 16 delivered high-stakes drama as four teams secured their spots in the quarterfinals. FC Barcelona continued their dominant...

Manchester United unveils plans for a futuristic 100,000-seat stadium

Manchester United is set to bid farewell to its iconic Old Trafford home, announcing plans for a state-of-the-art 100,000-seat stadium. The new arena, to be...

Sudan’s National team coach James Kwesi Appiah resolves pay dispute, set to rejoin squad

Sudan’s national team coach, James Kwesi Appiah, recently made headlines after boycotting the Falcons of Jediane’s training camp in Saudi Arabia. The Ghanaian coach refused...

Football/ Rigobert Song’s uncertain role as Central African Republic Coach deepens Tensions

The Central African Football Federation (FCF) continues to sideline Rigobert Song, despite his appointment as national team coach by the Ministry of Sports. This ongoing...

Champions League: Arsenal makes Champions League history with record-breaking win

Arsenal delivered a stunning performance in the Champions League, securing a historic 7-1 victory over PSV Eindhoven on Tuesday. The Gunners became the first team...

Leave a Reply

Your email address will not be published. Required fields are marked *