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Libya agrees on process for selecting c.bank governor and directors, UN mission says

Delegates from divided Libya's east and west have settled on treatments, requirements and timelines for designating a guv, deputy governor and board of directors for the country's reserve bank, the United Nations Libya mission (UNSMIL) said on Wednesday in a statement.

The arrangement might assist defuse a crisis over control of the central bank and oil income that has slashed Libya's oil output and exports.

Libya has been divided considering that 2014 into competing authorities in the west and east that emerged from the prevalent turmoil following the fall of Muammar Gaddafi in a NATO-backed uprising in 2011.

The recent central bank crisis began when the head of the Presidential Council based in Tripoli, Mohammed al-Menfi, moved to change experienced reserve bank Guv Sadiq al-Kabir last month. That led Libya's eastern factions to buy a stop of oil flows throughout the nation's oil fields in demonstration.

Libya's National Oil Corporation said on Aug. 28 that oil production had actually stopped by over half from normal levels. It has actually not revealed any new production figures ever since.

The UN Libya Mission stated delegates from the House of Agents, based in Benghazi in the east, and the High State Council based in Tripoli in the west had reached a. compromise on designating a new leadership for the bank, however it. did not offer any names.

It added that it will host on Thursday a finalizing ceremony. with the participation of the international community.

(source: Reuters)