Archive | Banking & Finance

EY to audit Libyan Investment Authority (LIA)

By John Lee. The Libyan Investment Authority (LIA) has reportedly appointed EY, formerly known as Ernst & Young, as its new external auditor. According to the Sovereign Wealth Fund Institute (SWFI), EY will undertake the audit of the LIA for the financial year ending 31st December 2019. More here. (Source: SWFI)

Libyan Central Bank warns of Financial Collapse

By Al-Monitor staff. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Libya Business News. Libyan Central Bank warns of financial collapse if oil production not restored The near halt of Libya's oil production and exportation amid the civil war could cause the country's economic collapse, the head […]

Police Arrest Ex-CEO of Libyan Foreign Bank

By John Lee. Police in Tripoli have reportedly arrested the former CEO of Libyan Foreign Bank (LFB). An official at the Interior Ministry told Bloomberg that Mohamed bin Youssef was taken into custody on the orders of the state prosecutor, who's investigating him for allegedly "squandering funds and mismanaging the bank's assets". The bank, which […]

LIA concludes First Phase of Transformation Programme

Libyan Investment Authority concludes first phase of transformation programme The Libyan Investment Authority (LIA), Africa's largest sovereign wealth fund, has announced the conclusion of the first phase of its comprehensive Transformation Programme, a major strategic mechanism for institutional development. The key milestone was marked in the presence of the International Forum of Sovereign Wealth Funds […]

Combatting Corruption and Money Laundering in Libya

EU launches joint project to prevent and combat corruption and money laundering The European Union, in collaboration with the United Nations Office on Drugs and Crime (UNODC) and the United Nations Interregional Crime and Justice Research Institute (UNICRI), is launching a new project entitled "Building Libya's National Capacity to Prevent and Combat Corruption and Money […]

Central Banks of Turkey and Libya sign MoU

A Memorandum of Understanding was signed between the Central Bank of the Republic of Turkey and the Central Bank of Libya (CBL) on 31 August 2020, laying the groundwork for continued cooperation in the field of central banking. In the framework of the MoU, the two central banks aspire to carry out activities to foster […]