Libya and China agree to connect Libyan banks to the CIPS payment system to boost trade
After a meeting in Beijing between the Governor of the Central Bank of Libya and his Chinese counterpart, an agreement was reached for Libyan banks to join the Cross-Border Interbank Payment System (CIPS), aiming to improve commercial and financial transactions between the two countries. The two sides also agreed to diversify Libyan investments through the Chinese bond market and to leverage China's expertise in developing financial infrastructure, digital payment systems, and modern technologies. Additionally, the launch of the Libyan-Chinese Banking Forum was announced for the first time in 2027 to foster cooperation between financial institutions in both nations.
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