The Central Bank of Libya said its governor met the governor of the People's Bank of China in Beijing and agreed a set of measures to deepen bilateral financial cooperation. The main outcomes were an agreement to facilitate the participation of Libyan banks in the Cross-Border Interbank Payment System, or CIPS, and an agreement to diversify Libya's investment portfolio through entry into the Chinese bond market, alongside broader cooperation between the two central banks. The CIPS agreement is intended to streamline trade and financial transactions and facilitate cross-border payments and transfers between Libya and China. The bond market agreement aligns with the Central Bank of Libya's strategy to diversify its reserve investment portfolio and strengthen reserve management. The meeting also covered cooperation on financial sector infrastructure, digital payment systems and modern financial technologies to support the Central Bank of Libya's banking modernization efforts and improve operational efficiency. The two sides also agreed to launch the Libyan-Chinese Banking Forum for the first time. The inaugural forum is due to be held on the sidelines of the Forum on China-Africa Cooperation in early 2027 and is intended to bring together banks and financial institutions from both countries to promote investment partnerships and expand banking and financial cooperation.
Central Bank of Libya2026-07-16
Central Bank of Libya and People's Bank of China agree to facilitate Libyan banks' participation in CIPS and launch banking forum
The Central Bank of Libya said it agreed with the People's Bank of China to facilitate Libyan banks' participation in CIPS and to diversify Libya's investment portfolio through entry into the Chinese bond market. The discussions also covered cooperation on financial infrastructure and digital payments. The two sides plan to launch a Libyan-Chinese Banking Forum, with the first meeting scheduled for early 2027.