Libya, a North African nation rich in oil, has been in turmoil for over a decade. Since 2011, after the NATO-backed uprising that overthrew Muammar Gaddafi, the country has been plagued by instability, armed conflicts, and political division. One major issue that highlights the chaos is the ongoing crisis involving Libya’s Central Bank (CBL).

The Central Bank Crisis: A Battle for Control

The latest crisis erupted when the Presidential Council of Libya decided to replace Sadiq Al-Kabir, the governor of the Central Bank, in August 2024. Al-Kabir has been in the position since 2011, despite the fact that his term should have ended years ago. But Libya is a nation where rules are often ignored, and Al-Kabir has stayed in power.

Libya is split between two rival governments. The internationally recognized government, called the Government of National Unity (GNU), is based in Tripoli in the west. The other, which controls the east, is backed by the country's parliament, based in...