Libya’s Central Bank (CBL) has announced its decision to suspend operations due to the kidnapping of one of its senior employees and threats against other officials. The bank cited an “unknown party” as responsible for the abduction of IT Director, Musab Msallem, earlier in the day from his home in Tripoli. In a statement released on Sunday, the CBL condemned such practices outside of legal boundaries, declaring that it would not resume operations until Msallem’s release and until relevant authorities intervene against actions threatening employees’ safety and the continuity of banking sector work.
This comes after gunmen reportedly besieged the central bank’s headquarters in Tripoli last week. During this incident, the attackers demanded the resignation of CBL Governor Seddik al-Kabir. In response to these threats, US Ambassador to Libya Richard Norland stated that attempts to replace the leadership of the CBL by force could result in Libya losing access to international financial markets and urged for disputes over the distribution of the country’s wealth to be resolved through transparent, inclusive negotiations towards a unified consensus-based budget.
The autonomous but state-owned CBL serves as the only internationally recognized depository for North Africa’s oil revenues, which remain a critical source of economic income for Libya. The nation has been fractured and conflict-ridden since the 2011 NATO-backed invasion that led to the overthrow and execution of longtime ruler Muammar Gaddafi. Rival factions continue to control different parts of Libya, with the Tripoli-based interim Government of National Unity (GNU) being backed by Prime Minister Abdulhamid al-Dbeibah as part of a UN-backed process to prepare for elections. The other administration in the country’s east is supported by Field Marshal Khalifa Haftar, who leads the Libyan National Army (LNA.