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Libya: Selected Issues

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  • International Monetary Fund

Abstract

This Selected Issues paper provides an overview of the challenges facing the banking sector in Libya and puts forward reforms to strengthen financial stability and accelerate credit growth. Priority reforms are identified using the 2012 sound principles for effective supervision, issued by the Basel Committee for Banking Supervision (BCBS), while also considering limitations imposed by the country’s fragility and conflict situation. Banks are struggling to develop Islamic finance products. Financial stability mandate and governance architecture should be strengthened. Financial stability mandate and governance are not clearly articulated in the banking law. Comprehensive internal and external reporting systems should be developed to strengthen management facilitate supervision. The paper recommends that the authorities follow a gradual and consultative approach to regulatory reforms and support the development of human capital and systems at the commercial banks and at the Central Bank of Libya.

Suggested Citation

  • International Monetary Fund, 2023. "Libya: Selected Issues," IMF Staff Country Reports 2023/202, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2023/202
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