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Eski Libya Merkez Bankası
Kaddafi dönemindeki Merkez Bankasının amaçlar kısmı kopyalanmıştır. Yeni Libya Merkez Bankası yapım (!) aşamasındaymış. Yapıldığı zaman aşağıdaki amaçlar kısmıyla karşılaştırınız. Şu andaki adresi: http://cbl.gov.ly/en/home/index.php?cid=94 (adreste bilginin değişmesi bekleniyor)

The Central Bank of Libya (CBL) is 100% state ownership and represents the monetary authority in The Great Socialist People’s Libyan Arab Jamahiriya and enjoys the status of 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 .
Management of the general affairs of the Bank within the policies of the country is entrusted to a Board of Directors consisting of the Governor as chairman, Deputy Governor as Vice-Chairman, and Six other members, who usually represent other financial and economic interests. The Governor is the chief executive officer responsible for the implementation of the policy of the Bank and the management of its affairs; he also represents the Bank in all its relations with other parties.
The CBL started its operations on April 1, 1956 to replace the
Libyan Currency committee which was established in the year 1951 and whose functions were confined to maintaining sterling assets against the issue of local currency, thus having no role in controlling money supply or credit or in supervising banks.

The functions of the CBL have grown since its establishment, and now  include the following :

1. Issuing and regulating banknotes and coins in Libya.

2. Maintaining and stabilizing the Libyan currency internal and external.

3. Maintaining and managing the official reserves of gold and foreign exchange.

4. Regulating the quantity, quality and cost of credit to meet the requirements of economic growth and monetary ability.

5. Taking appropriate measures to deal with foreign or local economic and financial problems.

6. Acting as a banker to the Commercial banks.

7. Supervising Commercial banks to ensure the soundness of their financial position and protection of the rights of depositors and shareholders.

8. Acting as a banker and fiscal agent to the state and public entities.

9. Advising the state on the formulation and implementation of financial and economic policy.

10. Supervising foreign exchange.

11. Carrying out any other functions or transactions normally performed by central banks, as well as any tasks charged to it under the  Law of banking and currency and credit or any international  convention to which the state is a  party .

12. Managing and issuing all state loans.

Year

2007

2006

2005

2004

Total Assets

106409.9

83682.1

58416.9

36216.8

International reserves

97270.1

75480.5

52711.3

31336.1

The head quarter of the Central Bank is in Tripoli. However, to make the CBL services more accessible to commercial banks branches and public departments located far from the headquarter, the CBL has three branches located in Benghazi , Sebha and Sirte .   Hereunder is a brief survey of the main functions of the CBL.

1- Issuing and regulating the currency

The unit of currency in Libya is the Libyan Dinar (LD), which for the sake of exchange rate stability was pegged to SDR’S basket since March 18,1986 to reflect the relative importance of each currency in Libya’s international economic relations.

Currency Issued (LD Million)

Year

2007

2006

2005

2004

Currency issued

4952.4

4134.5

3482.1

2794.7

The CBL is the sole issuer of Libyan currency (banknotes and coins). Naturally, currency in circulation is backed by gold and foreign exchange in convertible currencies, as well as the foreign treasury bonds and Libyan treasury bonds of 15 Years maturity.

2- Management of Reserves and Control of Foreign Exchange

The CBL keeps and manages the Jamahirya’s gold and foreign exchange reserves .Thus the Bank is responsible for selecting suitable investments and amounts to be invested in each currency,  taking into consideration developments in foreign exchange and money and capital markets to ensure safety and profitability. The Bank allows Commercial banks to keep foreign assets in accordance with regulations it issues from time to time in conformity with the general economic interests of the country.
The CBL has gradually dismantled foreign exchange controls in light of the stable economic that Libyan has enjoyed and in order to make encourage foreign investors.

3- Acting as a Banker to the state

The CBL is the fiscal agent for the state and, as such, it keeps the accounts of revenues and expenditures for general secretariats. It also disburses transfers and collects funds domestically and abroad, as well as it administers letters of credit transactions on behalf of its clients. These banking services are also offered to public institutions.
The CBL is also charged with the management of public debt, consisting of treasury bills and treasury bonds. The Bank sells and buys these bills and bonds to and from the licensed banks. it also pays out interest due on public debt.
On behalf of the government, the Bank manages the state’s subscriptions to regional and international institutions, and undertakes to manage and execute payments on agreements concluded between Libya and other countries.

4- Acting as a Banker to Commercial Banks

The CBL keeps the legal cash reserves required from commercial banks as a percentage of their clients deposits. In addition, it accepts interest-bearing time deposits from these banks. Naturally, the CBL is the lender of last resort for the commercial banks and can provide them with extraordinary loans in any critical exceptional circumstances it deems threatening to monetary or banking stability in the Jamahiriya.

5- Supervision and Regulation of Banking Activities

The CBL examines and analyses the financial positions of Commercial banks and ensures that they keep within the main stipulated ratios such as the cash reserve, legal liquidity. The Bank also issues directive to the Commercial banks regarding the volume and direction of credit extended by the banking sector, especially credit for the more  productive sectors of the economy .
The CBL officials inspect Commercial banks and their branches and examine their books and records to ensure the soundness of their financial positions and the accuracy of statistics which they furnish to the Bank and finally, the suitability of their services.
The CBL provides the Commercial banks with check clearing services as well as the services of a centralized credit risk office.

6- The CBL’S Role in Economic Development

The role of the CBL in economic development is manifested directly in creating monetary and financial institutions capable of mobilizing and channeling savings for development projects. The Bank also contributes to strengthening the State financial position through managing the public debt as its holdings of gold and foreign exchange.
The Bank’s indirect role in the economic development of Libya is embodied in its influence over the activities of commercial banks, especially by controlling the volume, direction and cost of credit . The other aspect of the Bank’s indirect role lies in the adoption of monetary policies capable of reinforcing internal and external confidence in the strength and stability of the Libyan currency and economy and, consequently, encouraging savings by citizens and promoting incentives for the utilization of these savings in productive and safe investment, as well as attracting foreign investments, and alleviating any causes for the national capital flee abroad.

 

The Governor and the Deputy Governor:-
Farhat O. Bengdara   06.03.2006-
Mohammed A. shukri  06.03.2006-

Previous  Governors :
Dr. Ahmed E. Abdullhameed   23.03.2001-05.03.2006
Dr. Taher E. Jehaimi   14.02.1996-22.03.2001
Dr. Abdulhafid M. El Zelitni   07.10.1990-13.02.1996
Mohammed Z. Regeb   04.01.1987-06.10.1990
Regeb A Misalati   18.01.1981-03.03.1986
Kasem M. Sherlala   20.09.1969-17.01.1981
Khalill A. El Benani   27.03.1961-01.09.1969
Dr. Ali N. Al Aneizzi   26.04.1955-26.03.1961

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