The state-owned Central Bank of Libya (CBL) will replace its core banking system with the Flexcube banking solution from I-flex, running on Oracle database 10g and Oracle application server by January 2007.
CBL has begun implementing hardware and networks to support the new systems, which are aimed at improving service delivery by linking its headquarters with its three branches and other national commercial banks.
The system will also be used at CBL`s product, training and support sites, and will provide disaster recovery and business continuity.
CBL represents the monetary authority in Libya and its functions include maintaining and managing the official reserves of gold and foreign exchange and acting as banker to the commercial banks, state and public entities in Libya.
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