Banking & Finance

According to the local media, the Central Bank of Libya (CBL) will cease charging interest on loans to Libyan nationals as part of an introduction of Islamic banking in June, and will also increase the ceiling on cash withdrawals.
Figures from the Central Bank of Libya show that the combined annual profits of the country's commercial banks fell by just over a half in 2011 as the conflict took its toll on the economy.
In an interview with the local press, an official from Gumhouria Bank said the lender was introducing new banking software for the company, and also urged the ceiling on loans to be lifted.
The interim Libyan authorities say they have introduced new legislation to govern Islamic banking services in the country.
An internal meeting of a Central Bank committee held in early May discussed a possible increase in staff wages.
A report by the Ministry of Foreign Affairs in 2010, the final year of Muammar Gaddafi’s rule, shows that Libya had issued loans and grants to 42 governments with a total value of more than $2bn.
According to local media reports, a number of employees protested in front of the Central Bank of Libya (CBL) in Tripoli on 2 May.
The Libyan embassy in Jordan has asked the Jordanian authorities not to approve or ratify any or transfer of Libyan assets held in Jordan without written consent from the Libyan foreign ministry.
Six weeks after the Libyan Stock Market (LSM) reopened after the end of the 2011 conflict, trading volumes remain minimal – though appear to be increasing as investor interest returns.
The Tropical Bank of Uganda, which is owned by the Libyan government, posted a loss of around $250,000 in 2011 compared to a profit of $2.2m in the previous year.
The National Transitional Council (NTC) says it has formed a temporary committee to manage the Libyan Investment Authority (LIA), the country's principal sovereign wealth fund, until a new board of directors is appointed.
The North Africa Bank announced on 22 April that it had opened its first Islamic banking branch, located in Tripoli, and would open a second in Benghazi in the near future.
Qatar National Bank (QNB) has bought a 49% stake in the privately-owned Bank of Commerce and Development (BCD), finalising an acquisition that had been in progress for several years.
The Libyan Stock Market (LSM) has reopened for the first time since 2011, allowing trading in ten listed companies with a combined value of LD3.9bn ($3.1bn).
Italy's largest lender, UniCredit, has reopened its representative office in Tripoli after shutting down operations during 2011.