Central Bank Restores Ties with Commerzbank
The Central Bank of Libya announced the resumption of banking relations with Germany's Commerzbank after more than ten years of interruption, aiming to facilitate international financial transactions and enhance foreign trade between Libya and the European Union countries. This came after a meeting in Bangkok during the IMF and World Bank meetings, where an agreement was reached for the German bank to rejoin the correspondent banking network and to develop banking cooperation, focusing on improving governance, transparency, and combating money laundering and terrorism financing. The move seeks to support the Libyan economy, improve banking services, and expand relations with global financial institutions.
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