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Why we fled our country—Libyan central bank governor, others

Published

2 weeks ago

September 1, 2024

According to the Financial Times on Friday, Sadiq al-Kabir, the governor of Libya’s central bank, stated that he and other senior bank employees were compelled to flee the nation to “protect our lives” from possible attacks by armed militia.

“Militias are threatening and terrifying bank staff and are sometimes abducting their children and relatives to force them to go to work,” Kabir told the newspaper via telephone.

Additionally, he argued that attempts to remove him by acting prime minister Abdulhamid al-Dbeibah were unlawful and went against agreements negotiated by the United Nations about central bank governance.

There is more instability in Libya due to the conflict surrounding the Central Bank of Libya. This important oil producer is divided into factions that support Russia and Turkey in the east and west, respectively.

Early this week, the U.N. Support Mission in Libya demanded an end to unilateral decisions, the removal of the oil fields’ force majeure, the cessation of force and escalation, and the security of central bank staff.

Two field engineers who talked with Reuters claim that the reason behind the near total cessation of production in the Sarir field on Wednesday was a political struggle over control of the central bank and oil revenue.

The majority of Libya’s oilfields are in the east, and on Monday, local authorities there announced they would cease all exports and production.

Related Topics:central bank Featured Libya

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Ezz al-Arab appointed as Egypt’s CIB chairman

Published

3 hours ago

September 16, 2024

Ifeoluwa Dada

Commercial International Bank (CIB), Egypt’s largest private bank, announced on Monday that long-time chairman and previous CEO Hisham Ezz al-Arab will become CEO.

Neveen Sabbour, a board member, will take over as chairman, according to a statement. Hussein Abaza, the outgoing CEO, will be replaced by Ezz al-Arab, who will hold the role for three years.

In Egypt, the market share held by traditional banks is expected to reach US$35.84 billion. As more clients choose online and mobile banking options, Egypt’s banking industry is seeing an increase in digital banking services.

The new appointments are part of “to lead the bank’s multifaceted business transformation and continue its programme to support recognised potential future leaders,” the announcement stated.

Ezz al-Arab, chairman and managing director since 2002, resigned in October 2020 due to “compliance concerns” from the national bank.

In August 2022, a year before his tenure expired, central bank governor Tarek Amer resigned due to a currency crisis. Ezz al-Arab was requested to rejoin as chairman in December.

VenturesNow

Nigerian inflation falls again, drops to 32.15% in August

Published

3 hours ago

September 16, 2024

Ifeoluwa Dada

Nigeria’s August inflation rate declined for a second month to 32.15% from 33.40% in July, the statistics office reported on Monday. This comes after the month of July saw the first decrease in consumer inflation in Africa’s largest country in almost a year.

Analysts predict August’s slowdown may be short-lived after two gas price increases this month enraged citizens facing the worst cost-of-living crisis in a generation.

The removal of a decades-old gasoline subsidy, devaluation of the naira currency, and increase in energy costs by President Bola Tinubu have raised prices.

Reforms attempt to boost economic growth and public finances.

The central bank’s next interest rate decision next week may be influenced by inflation figures. The apex bank has hiked rates four times this year to curb inflation, and economists say July’s hike may be the last.

Further petrol price increases and northern flooding that swept away crops could raise food prices.

“On the whole, disinflation should continue with the headline rate falling below 30% by year-end, but upside risks remain,” Capital Economics Africa analyst David Omojomolo wrote.

He claimed rising petrol prices might “slow the pace of the disinflation process” and that the central bank would not drop rates until early next year.

Food inflation dropped from 39.53% to 37.52% in August. It remained the greatest inflation driver in August.