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Libya Funds and Assets unfrozen

After the European Union agreed to unfreeze funds and assets belonging to the Central Bank of Libya and Libyan Arab Foreign Bank,the Arab country has … Continue reading Libya Funds and Assets unfrozen


Libya Central Bank

After the European Union agreed to unfreeze funds and assets belonging to the Central Bank of Libya and Libyan Arab Foreign Bank,the Arab country has received 97 billion dollar.

Libya Central Bank

In a press conference organised by the Central Bank of Libya; the deputy governor of the bank confirmed the funds and asset being handed over to the Libyan Government.

Quickly reassuring foreign investors on the exchange rate which he said will remain and it will maintain stability, which can only be achieved by having a fixed exchange rate in the short term of one to three years.

The European Union decided on Wednesday Dec. 21 to unfreeze all funds and assets of the Central Bank of Libya and the Libyan Arab Foreign Bank held in the bloc.

An E.U. statement said a partial freeze of assets of the Libyan Investment Authority and Libya Africa Investment Portfolio imposed on Sept. 16, before the overthrow of late Libyan leader Muammar Gaddafi, would remain in force.

The decision to unfreeze the bank funds was taken to support the recovery of the Libyan economy and to assist the new Libyan government, it said.

The E.U. imposed wide-ranging sanctions on Gaddafi’s government in protest against his treatment of an anti-government uprising that eventually forced him from power.