The CBL started its operations on April 1, 1956. Replacing the formerly established “Libyan Currency committee”, which was established in 1951. The functions of the committee were limited to backing the issued local currency with Sterling assets, thus having no role in controlling money supply, credit, or in commercial banks supervision.
The primary mission of the CBL is to achieve and maintain price stability within the context of monetary policy in the interest of balanced and sustainable economic growth in Libya. It also plays a pivotal role in ensuring financial stability.