Legal and economic aspects of the independence of the Central Bank with application to the Central Bank of Libya

The banking sector represents the engine of various economic activities and plays an important role in achieving economic and social development, as it prepares the savings and deposits of individuals and directs them to be used in various fields of investment through the key role it will play in financial intermediation, and also undertakes the task of creating money through credit operations to provide it to various economic units. Therefore, the efficiency of economic performance in any society depends to a large extent on the efficiency of the banking sector and its good performance, and the importance of the banking sector increases with the expansion of  the network of local and global exchanges in light of an interconnected global economic system in which the monetary and banking systems have become the main axis around which various economic activities revolve. The Central Bank in each country comes at the head of the banking sector as the monetary authority that undertakes many tasks in accordance with the laws that regulate its activities and comes at the forefront of its main tasks Achieving economic and financial stability in the country and advancing economic and social development. From this standpoint, the importance of this study came in a modest attempt not to shed light on the definition of the Central Bank of Libya and its development in its monetary policy performance and independence, which aspires to economic progress and prosperity in the new Libya.