Libya’s central bank said it reunited with its breakaway rival after nine years of division, a rare step toward consolidating state institutions in the North African OPEC member battered by long-running conflict, Bloomberg News reported. The announcement followed a meeting between Tripoli-based Governor Sadiq Al-Kabir and officials from the rival regulator in the eastern city of Benghazi. Representatives are now working to address the impact of the split, according to a statement Sunday from the central bank in the capital.
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Libya’s sovereign wealth fund head plans to ask the United Nations to allow it to invest billions of dollars sitting idle in its accounts, after missing out on some $4.1 billion (3.1 billion pounds) in potential equity returns during nearly a decade of sanctions, Reuters reported. The Libyan Investment Authority (LIA) was blacklisted in March 2011 because it was then controlled by the family of toppled ruler Muammar Gaddafi. Its assets were valued at $67 billion in 2012, but LIA plans to update that in October after a review by its financial adviser Deloitte.