The Malta Independent 13 July 2024, Saturday
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Former CBL governor who fled to Malta is awarded Central Bank governor of the year

Tuesday, 14 October 2014, 18:53 Last update: about 11 years ago

Former Central Bank Governor Saddek Elkaber who was fired by the Libyan House of Representatives in September, has received a surprise award as Middle East and North Africa Central Bank governor of the year.

Emerging Markets, the online publication that gave Elkaber the award, said he had been a "rare dissenting voice against fiscal slippage in Libya, refusing further giveaways to the government"

In April Prime Minister Abdullah Al-Thinni accused the former CBL governor in a TV interview of arbitrarily blocking money and acting like a despot. Emerging Markets said "Elkaber's intervention may have angered the government ... but it is crucial for the country's long-term economic sustainability".

Elkaber's dismissal by the House of Representatives came amid accusations questioning his political impartiality. He became deeply embroiled in political wrangling over the passing of the 2014 budget which was eventually voted through the General National Congress several months behind schedule.

The former CBL governor has said  he would step down from his position but will fight the decision by the HoR in the courts.

He has explained that he wrote to the HoR pointing out that the Bank's governor could only be ousted before the end of his statutory five-year term (which began two years ago) in exceptional circumstances, none of which had arisen in his case.

Elkaber's successor, his deputy, Ali Salem Hibri met members of the HoR yesterday.
Elkaber himself has been residing predominantly in Malta for his own safety for at least the past three months.

Emerging Markets  also gave awards this year to the Central Bank Governors and Finance Ministers from Qatar and Turkey as well as Poland and Colombia.



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