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FINANCIAL NEWS
UN lifts sanction on Libya’s CB, its subsidiary
18 Dec 2011
(MENAFN) The UN Security Council said that it gave its orders to unfreeze the assets of the Central Bank of Libya and its subsidiary the Libyan Foreign Bank, reported AP.
The council’s committee added that the move came following a request made by the transitional government in Libya to lift the sanctions imposed on these banks, which would guarantee the return of more than USD40 billion to Libya.
On the other hand, British Foreign Secretary, William Hague, said that the UK’s government was trying to speed up EU’s action to pass a regulation needed to unfreeze around USD10 billion in Libyan frozen assets in the UK, a move followed by the US decision to lift most sanctions against Libya’s banks, releasing more USD30 billion in assets.
It is worth noting that Libya is still subject to UN sanctions, including an arms embargo, moreover, assets of the Gadhafi family and members of the old regime are still frozen, in addition to assets of several other financial institutions.
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