Libya central bank looks to IMF amid cash crisis

[jakeXT]

TRIPOLI, Nov 3 (Reuters) - Libya's acute cash crisis is set to get worse and its banking system requires a complete overhaul that will be guided by the International Monetary Fund and World Bank, the central bank's recently appointed governor said.

Saddek Omar Elkaber told Reuters in an interview that just $1.5 billion out of around $170 billion of Libyan assets abroad had been unfrozen, and with the first delivery of the war-torn country's new banknotes still nearly two months away, the liquidity crisis was far from over.

"The first shipment will arrive at the end of December... We are going to have to manage the liquidity problem until then," Elkaber said earlier this week.

Elkaber, previously deputy CEO at the Arab Banking Corporation in London, replaced Gassem Azzoz as head of the central bank a month ago, officials of the governing National Transitional Council said.

http://af.reuters.com/article/libyaNews/idAFL5E7M32CA20111103?sp=true

[PoliticAverse]

1. Just do what the IMF says if you want to see your $170 billion again... n/t