NAB: CBoL lacks efficiency and effectives.
Pulbished on:
Tripoli, 24.04.2016(Lana) The National Audit Bureau has revealed that
the Central Bank of Libya (CBoL) still suffers from the repercussions
of the crisis undergone by the country due to its lack of efficiency
and effectives that would enable it control such re-precautions.
It said in its recent report this was due to the CBoL lack of
necessary technical tools, and foremost expertise and advisory
opinion that would enable it take the appropriate decision at the
appropriate time.
NAB said after examining and auditing bank accounts and assessed
banking transactions, the weakness of Banks Control Department was
apparent. This is as far as monitoring of commercial banks is
concerned in terms of the safety of their financial positions and
assessment of their performance.
The report disclosed that the Central Bank did not operationalize the
Inspection dept. and put in place the appropriate mechanism to ensure
its functioning, It said this led to many excesses and
contravening's, embezzlement and manipulation of banking transitions.
The report said banks control department discovered many
contraventions that amount to a phenomena, however, the Central Bank
did not address such issues seriously by imposing appropriate
penalties and taking practical action to address them and prevent
their repetition.
=Lana=