On Tuesday, October 22, USLBA hosted a private meeting for member companies with the Governor of Libya’s Central Bank, Saddek ElKaber, and members of the Central Bank’s delegation to the Fall IMF Meetings in Washington, D.C. The productive event centered on banking, macroeconomic issues, and doing business in Libya.
Governor ElKaber opened the discussion by stating that – despite the challenges posed by the political divisions and ongoing conflict country – macroeconomic indicators in Libya are trending positively. Through targeted reforms, the CBL has alleviated the pressure on its reserves, improved Libya’s balance of payments, and helped to turn a budget deficit into a surplus as of 2018, the governor explained.
Governor ElKaber said American companies with commercial interests in Libya can count on the CBL’s support, and USLBA members likewise reiterated their commitment to the Libyan market and the Libyan people.
USLBA is grateful to have had the opportunity to meet with Governor ElKaber in Washington and to further strengthen economic ties between the U.S. and Libya.