Al-Agha: Siddiq al-Kabir Deposited US$8 Billion in Turkey’s Central Bank, Interest-Free – Al Marsad

The Head of the Liquidity Crisis Management Committee at the Central Bank of Libya (CBL) in Bayda, Ramzi al-Agha, said the meeting between the CBL’s Governor, Siddiq al-Kabir, and the Turkish President, Recep Tayyip Erdogan, on Monday, violated the inter-State protocol which dictate at least the Prime Minister of the Government of National Accord (GNA), Fayez al-Sarraj, should have been present.

(Libya, 30 June 2020) – In a statement to Al-Arabiya.net yesterday, the head of the Liquidity Crisis Management Committee at the Central Bank of Libya (CBL) in Bayda, Ramzi al-Agha argued that Erdogan wanted to show that he can meet with any Libyan official unilaterally regardless of any protocol or official delegation in contravention of Libyan law.

Governor of the Central Bank of Libya Al-Siddik Al-Kabir meets Turkish President Recep Tayyip Erdogan in Turkey.

“This meeting is odd and unusual, especially since Law No. 2 of 2001 on Organizing Political and Consular Work stipulates that communications between any administrative and government units in the country and any external entity must be via the Ministry of Foreign Affairs as per the accepted diplomatic and consular rules” added al-Agha. He stating that Siddik al-Kabir, who reports to the legislative authority, namely the Libyan Parliament, should have attended the meeting with his head of state or government and in the presence of the Minister of Economy or Finance.

He emphasized that a major shift has taken place in managing foreign operations at the CBL, especially with regard to financial transfers and deposits after the Turkish interventions. “The CBL’s Governor, Siddiq al-Kabir, changed the operations for managing financial reserves and created a set of 4-year interest-free term deposits called zero deposits of US$8 billion, deposited entirely in the Central Bank of the Republic of Turkey (CBRT).”

 

The Governor of the Central Bank of Libya, Siddik Al-Kabir met with Turkish Minister of Finance and Treasury, Berat Albayrak, in Istanbul on Friday. In a separate meeting, Kabir also met with his Turkish counterpart, Murat Uysal.

“These deposits, under the agreement signed between Sarraj and Erdogan, will remain in Turkish banks for 4 years without any interest or costs to stabilize the Turkish Lira and protect the Turkish economy,” said the CBL’s Head of the Liquidity Crisis Management Committee.

The Governor of the Central Bank of Libya, Siddik Al-Kabir met with Turkish Minister of Finance and Treasury, Berat Albayrak, in Istanbul.

Al-Agha drew attention to instructions to direct all financial credits to Turkish banks and transfer Libyan funds and deposits in European banks to Turkish banks, stressing that several operations have taken place recently to this end.

© Al Marsad English (2020)