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Libya’s civil war-torn central bank says it will unify

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Libya’s central bank says it has begun a process of reunification after being divided for years during the country’s civil war

CAIRO — Libya’s central bank said on Thursday it had begun a process of reunification after being divided for years during the country’s civil war.

Libya was thrown into chaos after a NATO-backed uprising toppled longtime dictator Muammar Gaddafi in 2011 and split the oil-rich North African country between a UN-backed government in the capital, Tripoli, and rival authorities based in the east of the country. Each side has been supported by armed groups and foreign governments.

The Central Bank of Libya is the repository of billions of dollars of annual oil revenues as well as foreign exchange reserves. In 2014, the bank split along the country’s broader political fault lines. The internationally recognized headquarters remains in Tripoli, while an eastern branch allied with military commander Khalifa Hifter has been set up in Benghazi. Under the transitional government, tensions remain over the distribution of the country’s fossil fuel wealth.

The bank on Thursday released photos of Tripoli-based central bank governor Sadiq al-Kabir with Ali al-Hebri, who represented the central bank in the east, seated to sign the reunification agreement. The bank’s statement said London-based accounting firm Deloitte had been engaged to oversee the process.

Libya’s civil war-torn central bank says it will unify

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