Report: Central bank chief of Libya flees country due to threats from militias | Political Updates

The Tripoli-based Presidential Council has appointed a new board of directors amid upheaval in Libya, with banking operations suspended. Central bank Governor Sadiq al-Kabir and senior employees have fled the country due to threats from armed militias, leading to a power struggle between rival administrations in the east and west. The western government attempted to remove al-Kabir, accusing him of mishandling oil revenues, while the eastern government responded by shutting down oilfields controlled by military leader Khalifa Haftar. The crisis at the central bank has led to confusion and suspension of banking transactions, causing a liquidity problem and threatening delays in public employee salaries. The UN has called for the lifting of force majeure on oil fields and the protection of central bank employees. The instability in Libya, with backing from Russia and Turkey for eastern and western factions, poses a threat to the country’s oil-rich economy. The UN Support Mission in Libya is working to convene all parties involved for an emergency meeting to find a solution to the crisis and bring stability to the region.

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