Libya’s central bank halts its activities following the kidnapping of an official.

Department of Research, Strategic Studies and International Relations 20-08-2024

The bank’s IT director was abducted in Tripoli, and other senior staff members were threatened just days after the bank’s headquarters was besieged.

On Sunday, the Central Bank of Libya announced through social media that it was “suspending all operations” due to the abduction of one of its officials in Tripoli.

According to the statement, Musab Msallem, the bank’s head of information technology, was taken from his home by an unidentified group earlier that day.

The bank stated that operations would not resume until Msallem is released, noting that additional executives had also been subjected to threats of abduction. The statement condemned these actions, called for an end to such practices, and held “unlawful parties” responsible for compromising the safety of its employees and the banking sector’s continuity.

No further information regarding the abduction was provided.

This incident follows an armed siege on the bank’s Tripoli headquarters a week earlier, which local media reported was an attempt to pressure the bank’s governor, Seddik al-Kabir, into resigning.

Richard Norland, the U.S. diplomat and special envoy to Libya, condemned efforts to remove Kabir by force, warning that such actions could result in Libya losing access to international financial markets. Norland emphasized the risks posed by Libya’s ongoing political deadlock in a post on X, formerly known as Twitter.

The United Nations support mission in Libya highlighted the bank’s crucial role in maintaining the nation’s financial stability following the siege.

Since taking office in 2012, Kabir has faced criticism over his handling of Libya’s oil revenues and state budget, particularly from figures allied with Prime Minister Abdulhamid Dbeibah.

Libya, with a population of 6.8 million, continues to struggle with the aftermath of the 2011 NATO-backed uprising that led to the downfall of long-time dictator Muammar Gaddafi. The country remains divided between the UN-recognized government in Tripoli, led by Dbeibah, and a rival administration in the east, supported by military commander Khalifa Haftar.

Although the situation in Libya has stabilized somewhat in recent years, clashes among the country’s numerous armed groups still occur. The latest abduction has heightened concerns about a potential escalation in violence.