Banking and Insurance

Terterov, Marat
January 2004
Doing Business with Libya;2004, p83
The article focuses on the banking and insurance sector in Libya. Most of the banks in the country is controlled by the state. Supervised by the Central Bank of Libya, the commercial banks include Gumhouria Bank, National Commercial Bank and Sahara Bank. The Bank of Commerce & Development is the only privately owned bank. The insurance sector, which was formerly in the hands of foreign companies, is heavily dominated by the state following the promulgation of Law no. 131 in 1970.


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