Libya's Central Bank Halts Operations After Kidnapping of Senior Official

Libya’s central bank has announced a suspension of all operations following the abduction of a senior official. The Tripoli-based bank, which serves as the internationally recognized depository for the country’s oil revenues, stated it will not resume work until the official is released.

The kidnapped official, Musaab Muslam, is the head of the bank’s Information Technology department. His abduction by an unknown group on Sunday has raised serious concerns about the security of bank personnel and the stability of Libya's financial system.

In a statement, the central bank condemned what it described as "mob-like methods" used by some parties operating outside the law. The bank also revealed that other officials had received threats, prompting the decision to halt operations. The statement called for immediate intervention by the authorities to ensure the safety of its staff and the resumption of normal activities.

International Concerns and Warnings

The U.S. ambassador to Libya, Richard Norland, has also expressed concerns over the rising tensions. Last week, Norland warned that attempts to forcibly replace the central bank’s senior management could jeopardize Libya’s access to international financial markets. He emphasized the importance of resolving disputes over the distribution of Libya's wealth through transparent and inclusive negotiations.

Norland met with the central bank’s governor, Sadiq Kabir, to discuss the growing threat posed by armed groups surrounding the bank’s headquarters in Tripoli. The U.S. embassy echoed these concerns, stressing the need for a unified, consensus-based budget for the nation.

A Country in Crisis

Libya has been embroiled in chaos since the 2011 NATO-backed uprising that led to the overthrow of longtime dictator Muammar Gaddafi. The country split in 2014 between rival governments based in the west (Tripoli) and the east (Benghazi), resulting in years of conflict and instability. The central bank has remained a crucial institution in managing Libya’s oil revenues, which are vital to the nation’s economy.

The suspension of the bank’s operations adds another layer of uncertainty to Libya’s already fragile situation. The bank's role as the main depository for oil revenues makes it a key player in any efforts to stabilize the economy, and its shutdown could have significant repercussions on the country's financial stability.

Authorities have yet to identify the group responsible for Muslam’s kidnapping or provide details on their motives. However, the central bank's call for action underscores the urgency of addressing the threats facing one of Libya’s most critical institutions.