Libya’s Central Bank Halts Operations After Director Kidnapped

Libya’s central bank has announced the suspension of all its operations after a senior employee was kidnapped in the capital Tripoli.

In a statement on Sunday, the bank denounced the abduction of its information technology director Musab Msallem.

They said Mr Msallem was taken from his home by an “unidentified party” on Sunday morning and that other employees have been threatened with kidnapping.

The latest development reportedly comes a week after the central bank suffered a siege by armed men and the central bank says operations will not resume until Mr Msallem is released.

The central bank, which is independent but owned by the Libyan state, is the only internationally recognised depository for Libyan oil revenues – a vital economic income for a country torn for years between two rival governments in Tripoli and Benghazi.

The presidential council, an internationally recognized governing body based in Tripoli, said it was replacing the central bank’s governor and board, setting the stage for a new political showdown.

The unanimous decision to replace Governor Sadiq Al-Kabir and the board was aimed at “guaranteeing financial and economic stability,” according to a statement that didn’t mention the central bank’s decision to suspend operations.

According to local media, the armed men did so to force the resignation of the bank’s governor Seddik al-Kabir.

In office since 2012, Mr Kabir has faced criticism over the management of oil resources and the state budget. Since the ousting and killing of Libyan leader Muammar Gaddafi in 2011, the country has suffered from chronic insecurity.