How important is the country’s new banking law, Law 1 of 2005?
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This law gives the central bank more autonomy, which is very important, and the banking supervision will be better. The law allows Libyan banks to invest more, locally and abroad, and have more products, and more variety. There is no limit now. The law allows foreign banks to come in, legally, but not in practice yet. We are studying this, and we have people from the IMF to advise us about what benefits we should take from the activities of the foreign banks.
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