The Central Bank of Libya has been reestablished as a single sovereign entity almost ten years after it was divided in two as a result of the civil war. The governor of the central bank, Sadiq al-Kabir, delivered the statement on Sunday at the bank’s headquarters in Tripoli following a meeting with Deputy Governor Mari Muftah Rahil and department heads from both the Tripoli and Benghazi branches. In addition to international reserves, the bank houses yearly oil revenues in the billions of millions. The oil-rich nation fell into chaos after Muammar Gaddafi was ousted by NATO-backed forces in 2011. The reunification was hailed by the US embassy in Libya, which said that it is essential for the stability and growth of the nation’s economy.
