BREAKING NEWS

UN sanctions lifted on Libya's central bank

By REUTERS

DECEMBER 17, 2011 00:41

UNITED NATIONS - The UN Security Council lifted sanctions on Libya's central bank and a subsidiary on Friday, clearing the way for their overseas assets to be unfrozen to ease a cash crisis, a council diplomat said.

The Central Bank of Libya and the Libyan Foreign Bank (LFB), an offshore institution wholly owned by the central bank, were taken off the council's sanctions list drawn up earlier this year amid civil war in the Arab state.

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

Gaddafi's 42-year rule collapsed when his forces fled Tripoli in August, and the last of the fighting in Libya ended in October when he was captured and killed by rebels.

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