Libya's Eastern Parliament Names New Central Bank Governor

Libya’s eastern-based parliament approved Naji Mohamed Issa Belqasem as the new central bank governor, aiming to resolve a crisis that has significantly reduced the country’s oil production. The House of Representatives also approved Mari Muftah Rahil Barrasi as deputy governor during a televised session.

Libya's eastern-based parliament has officially approved Naji Mohamed Issa Belqasem as the new governor of the central bank. This decision marks a significant step towards ending a financial crisis that has severely affected the country's oil production.

The House of Representatives (HoR) also sanctioned Mari Muftah Rahil Barrasi as his deputy. The approvals are seen as a crucial move to resolve the control issues surrounding the Central Bank of Libya (CBL) and oil revenues, which have led to a steep decline in oil production and exports.

Both Belqasem and Barrasi were nominated during recent UN-facilitated discussions. In a unanimous vote, conducted during a televised session, HoR members expressed their support by raising their hands. This development follows a turbulent period initiated by the Presidential Council's attempt to replace the central bank governor, leading to a significant halt in oil flows from the eastern oilfields controlled by Khalifa Haftar's Libyan National Army.

(With inputs from agencies.)