In risk to peace plan, rivalries hobble Libya’s economy

 In risk to peace plan, rivalries hobble Libya’s economy
  • Factions compete to control economic levers
  • Parallel administrations split economic activity
  • Businesses struggle with basic transactions
  • Lack of clearing between banks in east, west
  • Rivalry seen in disputes over the budget

TRIPOLI/BENGHAZI, Libya, Sept 9 (Reuters) – Libya must reunify its fragmented economy and public finances if it stands any hope of ending a decade of violent division, but moves towards that goal are making slow progress.

Businesses and ordinary people struggle to carry out basic financial transactions, underscoring the continued dysfunction while also showing that peace moves have failed to stop rival factions competing to control economic levers.

“The harm has reached everyone. Today, money cannot be transferred from two accounts in two different banks within 100 metres in Tripoli on one street. There is no justification for us to be like this,” said Husni Bey, a prominent businessman.

Central Bank of Libya (CBL)…

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