UN Warns Libya’s Banking System at Risk of Collapse

UN Warns Libya’s Banking System at Risk of Collapse
The Central Bank of Libya, is seen in Benghazi, Libya, on Sept. 23, 2020. Esam Omran Al-Fetori/Reuters
Reuters
Updated:

UNITED NATIONS—Libya’s banking system “will likely collapse” if the country’s two parallel central bank branches do not unify and stalled political talks could unravel a ceasefire, the U.N. special envoy to the country warned on Thursday.

Oil-rich Libya descended into chaos after the NATO-backed overthrow of leader Muammar Gaddafi in 2011. It has been divided since 2014 between an internationally recognized government in the west and a rival administration in the east that has established its own institutions.