Libya’s Central Bank halts operations after IT director’s abduction
Libya’s central bank has suspended all operations following the kidnapping of its Information Technology Director, Musab Msallem, in the capital, Tripoli.
The central bank also revealed that other employees have been threatened with similar abductions, prompting the institution to halt its activities until Mr. Msallem is safely returned.
Critical institution under siege
The central bank, which operates independently but is state-owned, is the only internationally recognized depository for Libya’s oil revenues—a critical source of income for a nation plagued by years of conflict between rival governments in Tripoli and Benghazi.
The suspension of operations comes just a week after the bank was reportedly besieged by armed men, who, according to AFP, sought to force the resignation of the bank’s governor, Seddik al-Kabir.
Governor under fire amid National turmoil
Seddik al-Kabir, who has held the governor’s position since 2012, has been the target of growing criticism over his management of the country’s vital oil resources and the state budget.
Libya has been in a state of chronic instability since the ousting and assassination of longtime leader Muammar Gaddafi in 2011.
The nation remains deeply divided, with two competing governments: a UN-recognized administration in Tripoli and another in the east, backed by warlord Gen. Khalifa Haftar.
Uncertain future for Libya’s Economic stability
The kidnapping and subsequent suspension of the central bank’s operations raise serious concerns about the future of Libya’s economic stability.
As the bank plays a crucial role in managing oil revenues, any prolonged disruption could have significant repercussions for a country already struggling with political fragmentation and insecurity.
The international community is watching closely as the situation unfolds, with the hope that Mr. Msallem will be safely released and that the central bank can resume its vital functions.
