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.