Naji Issa, Governor of the Central Bank of Libya (CBL), and his accompanying delegation, met last Thursday (16 April) with Vivek Tyagi, Chairman and CEO of Numisma Bank (the contracted supplier of US dollars to the CBL), and Randal Quarles, a member of the bank’s Advisory Committee and former Vice Chairman of the US Federal Reserve, along with their respective teams.
During the meeting, they reviewed the key milestones in the CBL’s plan to restore the confidence of international financial institutions and complete the first phase of supplying US dollars to Libya. The CBL said this included significant reforms, most notably the modernization of compliance controls and the implementation of regulatory measures for currency exchange activities for the first time in the country.
They also discussed the plan and mechanisms for distributing US dollars in cash and the readiness of the banking system, commercial banks, and exchange companies and offices to resume selling US dollars in cash directly to Libyan citizens. The meeting also addressed the plan and mechanisms for distributing US dollars in cash.
Numisma affirms full readiness to supply additional amounts of cash dollars
For their part, the CBL reports, representatives of Numisma Bank commended the CBL’s efforts and commitment to implementing best practices and international standards in executing the dollar supply and distribution plan. They affirmed their full readiness to support the CBL, whether through supplying additional amounts of dollars in cash or providing necessary advice and technical support to the relevant teams at the CBL and commercial banks.
To supply US dollars, Pound Sterling and Euros
At the conclusion of the meeting, it was agreed to continue supplying US dollars according to the CBL’s assessments and the needs of the Libyan market, in addition to supplying other foreign currencies, including the British pound and the euro.
Numisma Bank is a global distributor of US dollars, euros, and other banknotes, providing reliable and efficient services to most countries worldwide. Licensed and regulated in the United States, Numisma Bank is a well-capitalized bank with direct access to the Federal Reserve System, including a master account and cash services.
