Libya’s Eastern Parliament Appoints Naji Mohamed Issa Belqasem as New Central Bank Governor

Libya’s eastern parliament has appointed Naji Mohamed Issa Belqasem as the new governor of the Central Bank of Libya following the dismissal of former governor Sadiq al-Kabir by the presidential council last month. The decision, announced on Monday, saw all 108 lawmakers vote in favor of Belqasem, who previously served as the central bank’s director of banking and monetary control.

In addition to Belqasem’s appointment, Mari Muftah Rahil Barrasi was named as deputy governor. The two are tasked with forming a new board of directors for the central bank within the next 10 days.

The appointments are part of a broader U.N.-facilitated agreement between Libya’s eastern parliament and the High Council of State to establish new leadership for the country’s central bank. The decision follows controversy over the presidential council’s move last month to replace al-Kabir with Mohamed Abdul Salam al-Shukri, which was rejected by eastern authorities. They argued that the removal of al-Kabir was illegitimate and did not follow interim regulations established during U.N.-backed talks.

Al-Kabir, who had served as governor since October 2011 following the NATO-backed overthrow of Moammar Gadhafi, had faced criticism from officials on both sides of Libya’s political divide, particularly concerning the allocation of the country’s oil revenues.