The head of Libya's Central Bank (CBL), Sadiq al-Kabir, announced Friday that he and other bank employees have fled the country due to threats from militias in the country's west. al-Kabir claims the threats are the reason CBL operations have come to a halt for over a week.The head of the Central Bank of Libya (CBL), Sadiq al-Kabir, announced Friday that he and other bank employees have fled the country due to threats from militias in the country's west. al-Kabir claims the threats are the reason CBL operations have come to a halt for over a week.
In a telephone call with the Financial Times, al-Kabir claimed, "Militias are threatening and terrifying bank staff" and "sometimes abducting their children and relatives to force them to go to work."In a telephone call al-Kabir told the Financial Times, "militias are threatening and terrifying bank staff" and "sometimes abducting their children and relatives to force them to go to work."
If this crisis goes unsolved for too long, the oil-dependent economy could collapse, leading to financial devastation for millions and all-out war between militant factions. Luckily, al-Kabir still maintains control of the bank's online systems from afar and enjoys protection from Turkey. al-Kabir must work to combat outside influences like Russia while also offering to negotiate with his internal enemies.
While thethis current crisis is undoubtedly a fight over money and power, Libyan groups aren't the only ones involved. Ever since the UN and US inserted al-Kabir into CBL leadership in 2011, he's done nothing but run out of money and overcharge people. To act as if warring factions just randomly decided to hate the man is ludicrous, and Libya's economy won't heal until the West stops meddling in its affairs.