Libya's Legislative Bodies Reach Agreement to End Central Bank Leadership Crisis

Libya's eastern and western legislative bodies have signed a U.N.-facilitated agreement to end a crisis over the leadership of the Central Bank of Libya. The agreement nominates Naji Mohamed Issa Belqasem as interim governor and Mari Muftah Rahil to continue as deputy, aiming to defuse tensions and normalize oil production.

Representatives from Libya's rival eastern and western legislative bodies have reached a United Nations-facilitated agreement to end the leadership crisis at the Central Bank of Libya (CBL). A new interim governor and deputy have been appointed to stabilize control and oil revenues.

This development follows last month's attempt by Tripoli's Presidential Council head, Mohammed al-Menfi, to replace the long-standing CBL governor, Sadiq al-Kabir, which led to eastern factions halting oil production in protest. Naji Mohamed Issa Belqasem, CBL's director of banking and monetary control, has been named interim governor, while Mari Muftah Rahil, deputy governor since 2023, will continue in his role.

U.N. special adviser Stephanie Williams emphasized the urgent need to end oil field closures and redirect revenues appropriately. Oil production has dropped significantly, with September exports averaging 400,000 barrels per day, down from over 1 million bpd in August.

(With inputs from agencies.)