Published on Gold Anti-Trust Action Committee (http://gata.org)

Libya's central bank needs gold stashed in safe but code is in dispute

By cpowell
Created 2016-05-16 17:46

By Hassan Morajea and Tamer El-Ghobashy
The Wall Street Journal
Friday, May 13, 2016

BEYDA, Libya -- Underneath a bank in this eastern coastal city, a vault holds a trove of gold and silver coins worth $184 million. It belongs to the central bank, which could use the money to alleviate a crippling cash shortage.

The pile, however, presents some problems. The coins are locked away with a five-number code that central bankers in this part of the country don't have. A rival government in Tripoli, which has effective control over the bank system, won't hand over the digits and has expressed concern the money could fund armed militias opposed to its rule.

To make things worse, the metal pieces bear the face of Moammar Gadhafi, the reviled leader who was overthrown, captured, and killed in 2011. ...

... For the remainder of the report:

http://www.wsj.com/articles/libyas-central-bank-needs-money-stashed-in-a... [1]


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