Libya may issue bonds, central bank chief says

ABU DHABI: The Libyan government may issue bonds in order to help banks in the country by giving them access to tradable financial instruments, Libya’s central bank governor Saddek Omar Elkaber said Thursday.

“We don’t need to raise money through selling bonds but may issue sovereign bonds to boost investment banking and create a market,” he said.

Unlike other countries which went through Arab Spring uprisings, Libya is rich because of its oil reserves and accumulated oil earnings. Elkaber said the central bank’s foreign reserves, including cash and liquid instruments, now totaled $160 billion.

He said the government had been focusing on improving security since the 2011 ouster of Moammar Gadhafi. “There’s a plan to issue three licenses for Islamic banks. Some conventional banks now have Islamic windows but there is a huge need for Islamic products. We’re still in the brainstorming stage and will be ready soon.”

A version of this article appeared in the print edition of The Daily Star on March 01, 2013, on page 5.




Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (

comments powered by Disqus



Interested in knowing more about this story?

Click here