The Central Bank of Libya (CBL) reported today that a delegation accompanying the Governor met today with a high-level delegation from Germany’s Commerzbank.
The CBL said it is a significant move reflecting the success of its efforts to restore the confidence of international financial and banking institutions.
The meeting, held on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Bangkok, Thailand, included senior executives responsible for capital markets, financial institutions, and emerging markets.
The meeting culminated in the official announcement of the resumption of banking relations and cooperation between the Central Bank of Libya—as well as Libyan commercial banks—and Commerzbank.
Commerzbank will rejoin the network of approved correspondent banks
Commerzbank will rejoin the network of approved correspondent banks, thereby facilitating foreign trade operations and financial transfers between Libya and international markets, particularly within the European Union.
This development marks the culmination of a series of meetings, technical discussions, and intensive engagement undertaken by the Central Bank of Libya over the recent period. These efforts aimed to rebuild trust with global banking institutions, expand the correspondent banking network, and enhance the Libyan banking sector's ability to integrate into the international financial system. This move holds particular significance given the long history of cooperation between the Libyan banking sector and Germany’s Commerzbank—a relationship that had been suspended for over a decade before concerted efforts successfully created the right conditions to restore ties and revitalize the strategic partnership between the two sides.
The meeting included a review of the reforms and measures adopted by the Central Bank of Libya to enhance governance, transparency, and compliance with international banking standards. Discussions also covered the development of systems to combat money laundering and the financing of terrorism—key pillars for bolstering international confidence in the Libyan banking sector and expanding its relationships with global financial institutions.
Both parties emphasized the importance of strengthening cooperation and developing banking relations in the period ahead. Such efforts aim to facilitate foreign trade, enhance banking services, improve the efficiency of cross-border financial transactions, and open broader avenues for cooperation with European and international banking institutions.
The CBL said resuming cooperation with Commerzbank after a hiatus of more than ten years marks a significant milestone in restoring international confidence in the Libyan banking sector. It said it stands as a tangible result of the Central Bank of Libya’s efforts to rebuild strategic partnerships and strengthen its presence within the global financial system.