Bangkok:The Central Bank of Libya and the U.S. Federal Reserve have engaged in discussions aimed at enhancing cooperation and strengthening international confidence in Libya's banking sector. The meeting took place on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Bangkok, Thailand.

According to Libyan News Agency, the Governor of the Central Bank of Libya, Naji Mohamed Issa, along with his delegation, met with officials from the U.S. Federal Reserve. The discussions focused on the economic and financial developments in Libya, the challenges faced by the Central Bank, and efforts to maintain monetary and financial stability. Additionally, the meeting aimed to bolster the reputation of the Libyan banking sector and improve its dealings with international financial institutions.

The review of joint efforts between K2 Integrity and the Central Bank of Libya was also on the agenda, concentrating on strengthening financial transaction screening and auditing procedures. Measures to enhance transparency, compliance, and curb illicit financial practices were discussed. The conversation further addressed cross-border goods smuggling, trade, and banking regulation circumvention, and the corresponding impacts on the national economy and foreign exchange market. Efforts made by the Central Bank of Libya to improve its anti-money laundering and counter-terrorism financing framework were also reviewed.

The U.S. Federal Reserve delegation praised the Central Bank of Libya for its efforts to improve the reputation and credibility of Libya's banking sector, highlighting the resumption of foreign currency supplies and their organized distribution across the country. The success of these initiatives reflects improvements in the banking system's efficiency.

The meeting underscored the importance of ongoing collaboration and support for the Central Bank of Libya in its reform objectives, particularly in enhancing governance and transparency. This aligns with the Central Bank's strategy to build relationships with international institutions and foster integration into the global financial system.