UN urges action on Libya's central bank crisis

The United Nations Support Mission in Libya (UNSMIL) expressed deep concern on Monday over the worsening situation regarding control of the country’s central bank and the risk of financial mismanagement.

"UNSMIL is convening an emergency meeting for all parties involved in the Central Bank of Libya crisis in order to reach a consensus based on political agreements, applicable laws, and the principle of the central bank's independence," the mission said in a statement.

UNSMIL, founded in 2011 after the Libyan Civil War and the ousting of dictator Moammar Gadhafi, is a political mission focused on supporting peace and stability in the country.

Libya remains divided between two rival administrations, one based in the capital Tripoli, around 95 miles from the country's border with Tunisia, and the other in Benghazi, 400 miles east of Tripoli.

Earlier on Monday, the eastern administration ordered the shutdown of oilfields in eastern Libya, which produce the majority of the country’s oil, due to disputes over leadership at the Central Bank of Libya.

Libya's oil dependency

Libya's economy is heavily dependent on oil revenues, and the declaration of force majeure on oilfields threatens to cut off this crucial income source. The UN called for an end to the use of force and the protection of central bank employees amid the crisis.

There has been no official response from the internationally recognized government in Tripoli or the National Oil Corporation, which manages Libya’s oil industry.