The Central Bank of Libya (CBL) is the monetary authority in Libya. It has the status of an autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya and to promote the sustained growth of the economy in accordance with the general economic policy of the state.
The headquarters of the Central Bank are in Tripoli. However, to make the CBL services more accessible to commercial banks, branches and public departments located far from the headquarters. The CBL has three branches, located in Benghazi, Sabha and Sirte.
History
The CBL was founded in 1955 under Act no. 30 (1955) started its operations on 1 April 1956 under the name of National Bank of Libya,[2] to replace the Libyan Currency Commission which was established by the United Nations and other supervising countries in 1951 to ensure the well-being of the weak and poor Libyan economy.[3]
The bank was established in the former Savings Bank building, designed in 1921 by Armando Brasini and completed in the early 1930s.[4]