Ahmad 
Libyan Undersecretary of the Ministry of Economy and Trade, Suhail Abu Shiha, stressed that the absence of monetary policy in Libya is among the main factors that led to the recent liquidity crisis in the country.
Abu Shiha explained that the period between 2014 and 2015 witnessed the lack of an appropriate monetary policy, which caused complications in the work of banks and negative repercussions on the financial situation.
The Libyan agent pointed out that the shift of banks towards Islamic banking has affected their relationship with investors and savers, as they follow different financial policies and led to increased pressure on savers.
Abu Shiha added that the split in the Central Bank of Libya has cast a shadow over the country’s monetary situation, causing instability and exacerbating the liquidity crisis.
The Libyan undersecretary pointed to the need to take immediate measures to improve the financial and monetary situation in the country, through the development of effective monetary policies and the orientation towards reforms that encourage investment and stimulate confidence in the financial system.
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