The central bank of Libya has suspended operations in response to the abduction of an official

Libya’s central bank, which is situated in Tripoli, declared on Sunday that it would cease all operations and refrain from resuming operations until a senior bank official who was abducted earlier in the day was released.

The central bank is the sole internationally recognized depository for Libyan oil revenues, which are a critical source of economic income for a nation that has been ripped apart by two warring administrations in Tripoli and Benghazi for years.

It was disclosed by the bank that Musaab Muslam, the director of its information technology department, was abducted on Sunday by an unknown entity.

“The bank rejects the mob-like methods that are practiced by some parties outside of the law,” it stated in a public announcement.

Additionally, it stated that other bank officials had also been threatened, and as a result, it would cease operations until “these practices are halted and the relevant authorities intervene.”

Last week, Richard Norland, the U.S. ambassador to Libya, stated that the North African nation could potentially lose access to international financial markets if they attempted to replace the bank’s senior management through force.

The U.S. embassy reported that Norland attended a meeting with bank governor Sadiq Kabir to address concerns regarding the gathering of armed organizations near the bank’s headquarters in Tripoli.

Norland stated that the resolution of disputes regarding the distribution of Libya’s resources must be achieved through transparent, inclusive negotiations leading to a unified, consensus-based budget.

Libya has experienced minimal tranquility since the 2011 NATO-supported uprising that ousted long-standing dictator Muammar Gaddafi, and it was divided in 2014 between warring eastern and western factions.

Two armed factions engaged in violent confrontations in Tajoura, an eastern suburb of Tripoli, on August 9, resulting in the deaths of nine individuals and the injury of 16 others.

In 2021, interim Prime Minister Abdulhamid al-Dbeibah was appointed to lead Libya’s Government of National Unity, which is headquartered in Tripoli. The process was facilitated by the United Nations.

The national parliament is situated in Eastern Libya, which is effectively under the oversight of military commander Khalifa Haftar.

Although a 2020 truce and efforts to formally reunify institutions were made, a political solution has remained elusive.