NAB: CBoL lacks efficiency and effectives.

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=