Libya’s Central Bank Refuses Order to Hand Over to New Board

The governor and board of Libya’s central bank on Tuesday refused an order by ruling authorities to step down, setting the stage for a showdown that could deepen the OPEC nation’s political turmoil.

The regulator’s officials said in a statement on the bank’s Facebook page that the Presidential Council, which had issued the decision to replace them, lacked the legitimate authority to replace Governor Sadiq Al-Kabir and the board members. The statement said the bank’s position was explained to a delegation sent in to enforce the order.