Libya’s two legislative bodies, the House of Representatives in Benghazi and the High State Council in Tripoli, have agreed to appoint a central bank governor within 30 days. The move, if successful, will ease the country’s oil revenue crisis. The agreement, reached after two days of UN-hosted talks, seeks to resolve the power struggle that disrupted oil production and led to a temporary shutdown of oil fields. Following the announcement, oil prices dropped by nearly 5%, reflecting optimism that this deal will restore output. Libya’s central bank, which manages oil revenue and state salaries, was paralyzed by political infighting. The dispute escalated last month when authorities in Tripoli attempted to replace veteran central bank governor Sadiq al-Kabir, sparking opposition from eastern factions.
SOURCE: REUTERS