Libyan Bank Suspends Operations Following Abduction

Libya’s central bank has halted all operations after the abduction of Musaab Muslam, Head of the Information Technology department, from his home in Tripoli, Libya 

The kidnapping occurred on Sunday, 18 August, prompting the financial institution to take immediate action to protect its staff. The central bank, essential as the only internationally recognised depository for Libya’s oil revenues, announced that it would not resume work until Muslam is released and threats against other officials are addressed.

This decision follows a recent siege on the bank’s headquarters by armed men, who reportedly sought to force the resignation of the organisation’s Governor, Seddik al-Kabir. 

Since 2012, Kabir has faced ongoing criticism regarding his management of the North African country’s oil resources and the state budget.

American Ambassador to Libya, Richard Norland, has cautioned that any attempts to forcibly replace the bank’s leadership could jeopardise the country’s access to international financial markets. He stressed the importance of resolving disputes over the country’s wealth through transparent and inclusive negotiations.

Libya continues to struggle with deep divisions between rival governments in Tripoli and the neighbouring city, Benghazi. The country remains unstable, following the 2011 North Atlantic Treaty Organization-backed uprising that resulted in the overthrow of longtime dictator, Muammar Gaddafi.

Image Credit: Source