The rebels in Libya are in the middle of a life or death civil war and Moammar Gadhafi is still in power and yet somehow the Libyan rebels have had enough time to establish a new Central Bank of Libya and form a new national oil company. Perhaps when this conflict is over those rebels can become time management consultants. They sure do get a lot done. What a skilled bunch of rebels - they can fight a war during the day and draw up a new central bank and a new national oil company at night without any outside help whatsoever. If only the rest of us were so versatile! But isn't forming a central bank something that could be done after the civil war is over? According to Bloomberg, the Transitional National Council has "designated the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya and the appointment of a governor to the Central Bank of Libya, with a temporary headquarters in Benghazi."– The Economic Collapse via Uruknet
Libya has been one of the last nations in the world that had its own state run banking system, and control over its own money supply. By having this system in place, they could demand oil purchases from their oil fields to be made in Lybyan Dinar, and not the US Dollar. It also means that Libya has ensured themselves a stable economy, with little inflation and currency devaluing as most of the industrialized world has under private central banks.
http://www.examiner.com/finance-exa...ing-libya-becomes-clear-with-new-central-bank