17 Dec 2011

UN sanctions on Libyan assets lifted

1:08 pm on 17 December 2011

The UN Security Council lifted sanctions on Friday on the Central Bank of Libya and the Libyan Foreign Bank, its investments subsidiary.

The move is aimed at easing a cash crisis in Libya.

The United States followed suit shortly afterwards.

The BBC reports that Libyan bank assets abroad were frozen earlier this year as part of sanctions against Colonel Muammer Gaddafi.

The interim government in Tripoli recently said that $US150 billion held abroad, was needed keep basic services running and to pay salaries.