BREAKING NEWS

Libya Central Bank expected to have sanctions lifted

By REUTERS

DECEMBER 15, 2011 01:48

UNITED NATIONS - Libya's central bank and a subsidiary are expected to have U.N. sanctions against them lifted on Friday in a move to ease a cash crunch since the country's civil war ended, diplomats said on Wednesday.

They said the Central Bank of Libya and the Libyan Foreign Bank (LFB), an offshore institution wholly owned by the central bank, would be taken off the Security Council's sanctions list unless there were objections from council members.

When a rebellion broke out in February against leader Muammar Gaddafi, the Security Council froze Libyan assets abroad estimated at $150 billion, but the bulk of that sum remains beyond the reach of the oil-rich country's new rulers.

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